Crypto’s Next Washington Fight Runs Through Committee Rooms

On November 3, CFTC Chairman Michael Selig announced that perpetual futures, derivative contracts tied to individual stocks, can begin trading on CFTC-registered exchanges that are also notice-registered with the SEC to trade security futures. Elizabeth Warren, identified as the incoming Senate Banking chair, objected the same day, arguing that around-the-clock trading of stocks that trade only during market hours could invite insider trading and volatility. Selig is the CFTC’s only sitting commissioner, with four seats empty, and the agency has continued rulemaking while awaiting additional nominees. The CFTC is overseen by the Agriculture committees, while Banking oversees the SEC, whose registration requirement is part of the arrangement.