Perps Are Coming Onshore | CFTC Chairman Mike Selig
Perps are coming onshore. CFTC Chairman Mike Selig joins David to unpack the first U.S.-regulated Bitcoin perpetual futures contract, the end of regulation by enforcement, and what comes next for Coinbase, Kalshi, Kraken, Gemini, Hyperliquid, Lighter, and the broader U.S. perp market. They also discuss which assets could list next, how U.S. leverage will differ from offshore exchanges, and why equity perps, RWAs, and 24/7 trading may be the next frontier of American finance.
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TIMESTAMPS
0:00 Intro
3:32 Self-Certified Crypto Contracts
7:08 Chasing the U.S. Perps Market
9:00 Bringing Liquidity Onshore
10:18 U.S. Market Guardrails
12:44 Blockchain Transparency Advantage
19:17 Hyperliquid and Onchain Perps
23:09 Real-World Asset Perps
24:38 Equity Perps & SEC
26:35 Incumbents Versus Disruptors
31:28 Derivatives Dominating Crypto
33:16 Perps Are Just Beginning
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RESOURCES
CFTC Chair Mike Selig
https://x.com/ChairmanSelig
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Under the First Crypto President, What Will Regulation of the Industry Look Like? - Ep. 747
With Paul Atkins as the incoming SEC Chair, David Sacks as the AI & Crypto Czar, and potential CFTC leadership changes, the Trump administration is signaling a major shift for crypto, AI, and financial regulation.
Guests Mike Selig and Jake Chervinsky break down what this means for token launches, enforcement actions, inter-agency collaboration, and the fate of Operation Chokepoint 2.0. Could this mark the end of the U.S.’s regulatory hostility toward innovation?
Show highlights:
02:18-What changes to expect under an Atkins-led SEC
08:58-Who could lead the SEC in the period between Gensler resigning and Atkins assuming
11:54-Whether the Democrats will nominate SEC Commissioner Crenshaw again
15:50-Elizabeth Warren's influence on the non-Republican SEC commissioner picks
23:39-Whether Atkins’ leadership at the SEC might shift crypto regulation away from aggressive enforcement
28:26-Whether Gensler’s recent promotion of people in enforcement roles will further his SEC’s regulation-by-enforcement strategy
38:52-Whether the SEC and Coinbase will reach a settlement
41:47-Why Mike and Jake think it’s not likely that the SEC will pursue litigation in the Ripple case
46:03-How the SEC might clarify securities laws around token sales, airdrops, and exemptions
55:14-Whether Atkins’ leadership could fast-track Hester Peirce’s Safe Harbor
59:53-How the CFTC's potential lead on crypto regulation might redefine how it splits duties with the SEC
1:03:03-Whether it even makes sense to have two financial regulatory agencies
1:11:00-Who might lead the CFTC
1:13:59-Why Jake and Mike believe combining AI and crypto under one ‘czar’ makes sense
1:20:31-How the appointment of Scott Bessent for Treasury secretary will affect the crypto industry
1:25:47-How the likely end to Operation Chokepoint 2.0 will create a “sea change”
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
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Guests:
Mike Selig, Partner at Willkie Farr & Gallagher
Previous appearance on Unchained: Is Gary Gensler on a Mission to Put Crypto Down for Good?
Jake Chervinsky, Chief Legal Officer at Variant
Previous appearances on Unchained:
The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
All Things Crypto Regulation With Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
Links
Trump’s Office Picks:
Unchained:
Why Trump’s SEC Chair Pick, Paul Atkins, Is So Positive for Crypto
David Sacks as A.I. & Crypto Czar? Why the Industry Was Surprised
Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks
Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
Tracking Trump’s Cabinet and Staff Nominations
Congressional Results
John Reed Stark’s tweet:“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave”
Operation Chokepoint 2.0
Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses
Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter
Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law?
Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin
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How Ripple's Win Reshapes Crypto with Paul Grewal & Mike Selig
A U.S court has ruled that XRP is not a security, and if XRP is a security then what implications does this have for other tokens?
Joining us today is Paul Grewal and Mike Selig, both experts in their respective fields who are here to help walk us through the implications of this court decision and what it means for our industry as a whole. ------ 🚀 Join Ryan & David at Permissionless in September. Bankless Citizens get 30% off. 🚀 https://bankless.cc/GoToPermissionless
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----- TIMESTAMPS:
0:00 Intro 4:18 Great Day to Be a Lawyer 7:47 Was This a Surprise? 9:27 TLDR on the Ripple Case 16:08 What is a Security? 20:18 How Binding is This Decision? 27:05 Establishing a Precedent 31:47 SEC's Argument Falling Apart? 38:28 Opening The Door to More Tokens 42:37 What Does This Mean for Token Holders? 47:57 How Does This Impact US Regulation? 53:29 The Fight Ahead
----- RESOURCES:
Mike Selig https://twitter.com/MikeSeligEsq
Paul Grewal https://twitter.com/iampaulgrewal
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Is Gary Gensler on a Mission to Put Crypto Down for Good? - Ep. 457
Mike Selig, counsel at Willkie Farr, has plenty to talk about this week, with a slew of actions from Gary Gensler’s SEC putting the future of crypto in the U.S. in question. From Kraken’s custodial staking settlement to action against BUSD issuer Paxos, the former CFTC law clerk voices concern that coordination among regulators could choke off the industry’s growth. Hear how Selig thinks Gensler’s SEC is working to bring crypto markets “within the regulatory perimeter.”
Show highlights:
whether regulators are using the FTX case to go against crypto as a whole
what likely caused the NYDFS action against Paxos for BUSD
whether there’s a coordinated effort to undermine the crypto markets
how issuers could argue that stablecoins aren’t securities
why there are limited implications for staking as a whole after Kraken’s SEC settlement
how the regulators are “discouraging access and participation in crypto markets at the banking level”
the differences between Gary Gensler’s SEC and that of his predecessor, Jay Clayton
how the Gensler administration is skeptical of governance and DAOs
why the SEC’s crypto custody rule proposal is refreshing, albeit not perfect
Thank you to our sponsors!
Crypto.com
Guest
Mike Selig, counsel at Willkie Farr
Twitter
Links
Unchained:
Circle Told NYDFS That Paxos-Issued BUSD Wasn’t Fully Backed
SEC Wants Tougher Rules for Crypto Custody
CoinDesk: SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms
WSJ: Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token
Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin - WSJ
The Block: SEC action against Paxos paints regulatory target on stablecoins
Tom Wan on the ramifications of Paxos being ordered to stop issuing BUSD
Bloomberg: US Crackdown Seeks to Push Crypto Back to the Fringes of Finance
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The SEC Declares War on Crypto with Ryan & David
In today's episode, Ryan and David bring on Mike Selig to chat about everything need to know about crypto regulation. Mike is a crypto lawyer at Willkie Farr & Gallagher, former a regulator at the CFTC, and a frequent contributor to Coindesk about the state of crypto regulation.
Operation Chokepoint is in full effect. Tune in to understand everything you need to know.
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------ Timestamps:
0:00 Intro 6:18 2023 Regulation Playbook 7:15 SEC Charging Kraken 11:27 SEC Rolling Out Regulation 14:09 SEC Patronizing Approach 15:44 Wells Notice 19:45 Kaken Staking Crackdown 28:00 Driving Crypto Offshore 30:05 Staking Pools Next? 35:05 SEC Scoring Points 40:50 Paxos & BUSD 44:40 Circle 50:55 Banks Servicing the Crypto Industry 57:55 Net Effects 59:27 U.S. Crypto Regulation History 1:02:49 Why the U.S. Hates Crypto 1:06:26 Banks vs. Crypto 1:08:14 Will Crypto Survive? 1:10:25 Closing & Disclaimers
------ Resources:
Regulation vs. Decentralization https://www.coindesk.com/consensus-magazine/2022/12/23/2023-the-year-of-regulation-vs-decentralization/
Gensler Statement https://twitter.com/SquawkCNBC/status/1624041483241156608
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
What's the Point of Securities Laws? with Mike Selig
Yesterday, on the show we had lawyer Brian Frye, who gave us novel takes securities. You can find that episode here: https://youtu.be/jo1ZuhuCVZE
In today's episode, David continues down the securities rabbit hole with special guest Mike Selig. Mike is a crypto lawyer at Willkie Farr & Gallagher, former a regulator at the CFTC and a frequent contributor to Coindesk about the state of crypto regulation.
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------ Topics Covered:
0:00 Intro 5:35 Mike's Background 6:55 Why Securities 10:20 Investing Contract 13:00 Where's the Line? 20:11 Asset vs. Schemes 24:38 SEC Regulation 29:00 NFTs as Membership 36:48 2023 Regulation 42:51 SEC vs. CFTC 47:25 The Solution to Security Laws 50:40 Centralization 55:10 Current SEC Administration 1:01:30 Decentralization Theatre 1:04:50 Closing & Disclaimers
------ Recources:
Mike Selig https://mobile.twitter.com/mikeseligesq
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures