In keynote remarks to the American Cotton Shippers Association that he said reflected his own views, not necessarily those of the Commission, Commodity Futures Trading Commission Chairman Michael S. Selig set out a differentiated approach to market innovation that separates crypto market developments from the needs of traditional agricultural derivatives. He said the Commission’s approval of narrowly curated perpetual contracts on bitcoin and similar crypto assets is limited to products with deep, active and continuous spot market trading, and should not be taken as a template for agricultural commodities. He also said agricultural event contracts should have trading hours aligned with traditional market hours so they can serve as hedging tools without disrupting producers. Selig paired that message with a broader agriculture-focused agenda. He said the CFTC has revived its Agricultural Advisory Committee, hired the first senior agricultural adviser to the chairman, is reviewing comments on potential changes to the Commitments of Traders report including proposals for twice-weekly publication, and is drafting a memorandum of understanding with the U.S. Department of Agriculture to strengthen coordination and information sharing. He also said he is working with prudential regulators on a less burdensome Basel III proposal intended to streamline rules, reduce capital requirements and preserve access to derivatives markets, particularly for agricultural hedgers. The Agricultural Advisory Committee is due to hold its first meeting in July 2026 and produce findings for the Commission on issues including risk management tools, capital requirements, the Commitments of Traders report and 24-7 trading. Selig said the CFTC will also relaunch AgCon with Kansas State University in Kansas City in October 2026.

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