CFTC主席：美国将迎来加密永续合约时代

But we're excited to make sure that the new frontier finance is built here in the US. And that means new products, new services, new platforms, and we can't fear that. We have to embrace it and come up with a pathway for it. Because in my view, if we erect barriers, if we push this activity offshore, it will go offshore, and it's not going to benefit the American people because they're going to go use a VPN um and access it anyway, and they have none of the protections.

So if we can come up with a path for the United States, we'll do it and we're going to certainly work on it.

Bankless Nation, I am once again joined by Mike Celick. He is the CFTC chairman back on Bank list. Mike, great to have you. Glad to be here. Uh two weeks ago, the CFTC announced the order for approval to Koshi X for the listing of the BTC per contract. Uh this is a pretty pretty big landmark for the perpetual as an instrument. is also the first onshore US Bitcoin perpetual futures contract from a CFTC registered exchange.

At the same time, the CFTC also gave Coinbase a no action letter allowing them to pipe their customers to Darabit uh in order to access futures options and per Coinbase access through Darab. Pretty landmark approval. Uh Mike, are we about to see more of these? Is the CFTC opening up the gate for onore? what can we expect as an industry or people who are just interested in the perpetual future instrument?

Well, thanks for having me on the show and uh you know this is really as as you say a watershed moment, a pivotal moment where we've turned the tide on the years of regulation by enforcement, a lack of clear rules, kind of this offshoring pushing things out of the country and we want it to be here in the United States. So we want the industry to survive, to thrive, and to build here in the US. And part of that means having a futures market, having perpetual contracts that are tradable on US exchanges under US regulation on US soil and, you know, not something that you have to go use a VPN to be able to to figure out how to trade.

So that starts with exchanges like KHI, exchanges like Coinbase, and there's a long list of others who will be launching the product soon. We started off uh with this initial order for a Bitcoin perpetual contract that was listed on Koshi's exchange and we also approved the ability to access through Coinbase's broker uh offshore uh perpetual contracts and all these are regulated products and that's really the theme here.

This administration cares about regulation but we also care about innovation. So we are opening the doors to new products and we think this is the beginning. It's it's certainly not the end. There's many more uh crypto and other types of products that people want to offer here in the US that for so long have existed only offshore. So this is the the beginning and not the end for sure. The beginning and not the end. And I think that's why people in my neck of the woods are just so excited.

PERPS as an instrument as you know Per's platforms incredibly successful as an adoption metric like just the adoption of the perp uh has gone incredibly well and Perp's platforms are just generating some of the the greatest profits out of crypto that we've seen and so this is why people are excited you know first we can start with Bitcoin but we have a whole industry of assets that we would like to propify uh maybe in the same way that we had the the ETFs you know first we started with Bitcoin and then Ether came and then there are even more ETFs.

Is that something that's going to happen with uh per as well?

Well, one important point is just in the week since we saw the greenlighting of the Bitcoin perpetual contract, we've now seen a number of products self-certified as perpetual contracts in the digital commodity world. So, we break down at the SEC and CFTC crypto assets using clear rules unlike the the last administration uh the crypto assets into categories. So we have digital commodities and these are assets that derive their value from a network or protocol or an application.

Things like Bitcoin, Ethereum, Salana, uh Uniswap's token, the these types of tokens that derive value from a from a network or product or application. Uh all of those products with certain requirements around the product being listed. Uh the products have to have a ready market, have to be not readily susceptible to manipulation and so on and so forth. But provided that the contract meets our requirements, those can be self-certified.

That means that the exchange can list those products without having to ask for permission first. They can essentially submit them and we can reject the contract if we believe there's an issue with our regulations. Uh but they can be listed fairly easily. So we've seen a number of those be listed in the past week. We expect to see more in the future. But then moving into other categories, digital uh you know uh collectibles for example, meme coins, those sorts of assets, we would expect a process with the staff.

We want those to go through a full approval with the CFTC. And then moving into things beyond crypto, equities, which we can certainly get into metals, other types of products. We we would not be expecting those to be listed right away. There will be a process with the staff, but we're interested to engage with the with the exchanges on listing new products. So there are some crypto assets that are being given clarity by clarity and I think what I what I heard from you just now is those assets that have already kind of gone through the legislative process are able to be self-certified by CFTC approved platforms already.

And this is just kind of how this goes. Uh and so if you are a CFTC compliant exchange you can self-certify given the asset itself has already been given some sort of uh approval clarity through clarity act. Did I hear that correctly?

Well, it's not the Clarity Act itself. So, um, a couple months ago or maybe even three or four months ago now, Chairman Atkins and I came together, worked together on an interpretation that divided up crypto assets into categories. And so, we have crypto uh assets that are digital commodities, digital collectibles, digital tools, things like liquid staking receipts, um digital securities, tokenized stocks, and all of that and stable coins.

And so this uh perpetual order that we granted allows for self-certification of crypto assets in the digital commodities category and then beyond that whether it's in crypto or in stocks or anything else we would expect a process with the staff but the staff's ready to engage on on other asset classes as well.

I see. Okay. So like the big the big assets, the ones that are commonly found to be the layer 1 native assets, Bitcoin, Ether, Salana, one could one could imagine as well are all um in that category that that you just said of just like it's going to be exchanges are going to be able to self-certify. And then as we maybe get a little bit further into more of the uh newer or more exotic assets in the in the crypto industry, that is a little bit of facts and circumstances about the nature of those things.

That's absolutely right. And we have seen I think there's about 17 other assets beyond Bitcoin that we saw self-certified by exchanges are in the process of being self-certified in the past week.

What are these exchanges? Because there is a bit of a gold rush for the United States Pers market that players are just chomping on the bit like Coinbase, Robin Hood, Kraken, OKX, they all have United States entities that they want to you know offer per. We have the predition market platforms. Khi, which you gave you guys gave the the Bitcoin curb contract for originally, but also Poly Market was in this game as well.

Uh but then we also have uh some of the more cryptonative onchain platforms uh like Hyperlid, Lighter, a few of the other ones. So many players want access to this uh the United States Pers market. How d

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