Michael Selig said that incumbents will always fear the future, but it's important to develop the new asset class domestically rather than only offshore.
- CFTC Chair Michael Selig defended the agency's approval of perpetual futures (perps) for Bitcoin and other cryptocurrencies in the U.S.
- Selig emphasized the importance of developing new asset classes domestically under robust regulations, rather than allowing them to develop solely offshore.
- He dismissed concerns about leverage and complexity, highlighting planned disclosures and suitability assessments for traders.
Topics: Legal regulatory, Jurisdictions, Institutional adoption, Securities law classification, Regulatory sandboxes pilots, Onboarding prime brokerage
Tags: #michaelselig #cftc #perpetualfutures #kalshi #bitcoin #derivatives #regulation #usmarket #leverage #disclosure
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