CFTC Chair Michael Selig On Perps, Prediction Markets & Crypto In The U.S
This week, CFTC Chair Michael Selig joins the show to discuss the CFTC's recent policy announcement on perps in the U.S. We deep dive into how to regulate crypto in the U.S, prediction markets, 24/7 markets, working with the SEC and more. Enjoy!
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Follow Michael: https://x.com/MichaelSelig
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Timestamps:
(00:00) Introduction
(04:20) Working With The SEC
(08:40) Bringing Perps To The U.S
(19:03) peaq Ad
(19:49) How To Regulate DeFi?
(26:08) Becoming The Crypto Capital of The World
(29:10) Prediction Markets
(45:28) 24/7 Capital Markets
(56:39) The Clarity Act
(01:00:14) Final Thoughts
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, Rob and our guests may hold positions in the companies, funds, or projects discussed.
Rewriting the Rules: The SEC & CFTC on Crypto, IPOs & the Future of American Markets
(0:00) Jason and Chamath welcome SEC's Paul Atkins and CFTC's Michael Selig
(0:53) Atkins on how US markets have changed over his 40 year career
(3:04) Top priorities across both agencies: Fixing the IPO drought, crypto regulation, cutting unnecessary rules
(8:16) AI trading bots, autonomous hedge funds, and investing with leverage
(15:30) Ending the "Turf War" between the SEC and CFTC, super app vision
(19:15) Prediction markets, insider trading, gray area
(26:56) Trump advocates for changing quarterly earnings to bi-annual
(30:30) Changing the accreditation rules a priority for 2026
(34:56) HFT firms that dominate the futures markets, swap reporting
(40:36) VC fund formation
(46:18) US markets vs the world, crypto classification
(52:54) Biggest risks: Market manipulation, crypto scams, and the Gen Z gambling crisis
SEC Chair Paul Atkins:
https://x.com/SECPaulSAtkins
CFTC Chair Michael Selig:
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Intro Music Credit:
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Making America the Crypto Capital of the World | New CFTC Chairman Michael Selig
A conversation with new CFTC Chairman Mike Selig on the policy shift behind America’s push to become the crypto capital of the world.
We cover the CFTC’s evolving role in crypto, prediction markets, and perpetuals, the end of regulation by enforcement, how the agency is thinking about DeFi and software developers, and why market structure legislation like the Clarity Act could reshape the future of U.S. crypto.
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🎬 DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE
https://www.bankless.com/podcast/debrief-making-america-the-crypto-capital-of-the-world
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🔮POLYMARKET | #1 PREDICTION MARKET
https://bankless.cc/polymarket-podcast
🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE
https://bankless.cc/galaxy-podcast
🏅BITGET TRADFI | TRADE GOLD WITH USDT
https://bankless.cc/bitget
🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://thedefireport.io/bankless
🌍 WORLD | FULLY ONCHAIN EXCHANGE
https://bankless.cc/world
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TIMESTAMPS
0:00 Intro
0:33 Mike’s Background
4:25 Commodity Markets Transformation
7:31 Commodity Definition
10:56 The Role of the CFTC
11:56 Prediction Markets
17:48 Navigating New Markets
20:34 Are Prediction Markets CFTC Territory?
24:45 Insider Trading vs Information Advantage
28:25 Trump’s Conflict of Interests
29:21 Clarity Act
36:58 Project Crypto
39:37 Defining Intermediary
43:32 Exchanges vs L2s
45:50 No More Wells Notices
50:17 The New CFTC & SEC
54:51 Making America the Crypto Capital of the World
57:08 Best of the Clarity Act
59:04 Closing & Disclaimers
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RESOURCES
Mike Selig
https://x.com/ChairmanSelig
CFTC
https://www.cftc.gov/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
New CFTC Chairman Michael Selig on How to Regulate Prediction Markets
We are rapidly entering a world in which there are odds on virtually everything. During the recent Super Bowl, the big prediction market platforms didn't just offer bets on the game itself, but also on more exotic facets, such as the first song that Bad Bunny would sing, even who would join Bad Bunny in the performance. And while a lot of people thinks this looks like gambling, it's actually regulated by the CFTC, an agency created in the 1970s to regulate derivatives. On this episode, we speak with new CFTC Chairman Michael Selig, who was nominated by President Trump and took his position in December. We talk to him about his philosophy, and why it is that these new bets are regulated as financial instruments, rather than gambling products. We talk about the tension that emerges when 18-year-olds can place bets on sports via prediction markets, even though in many states have laws on sports gambling, either banning it outright, or requiring participants to be at least 21. We also talk about crypto regulation, and whether perpetual futures -- which have exploded in the crypto space -- could soon be coming to traditional markets.
Read more:Jump Trading Poised to Gain Stakes in Kalshi and PolymarketGambling Stocks Sag as Prediction Markets Steal Super Bowl Bets
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