[CFTC Chairman Clarifies Four Misconceptions About Perpetual Futures Contracts] Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), posted on the X platform to clarify four misconceptions regarding perpetual futures contracts. On the misconception of a 'fixed expiration date': Some believe that the definition of a 'futures contract' requires a fixed expiration or settlement date, and the perpetual nature of these contracts contradicts Congressional intent. Selig clarified that neither the Commodity Exchange Act nor CFTC regulations provide a clear definition of the term 'futures contract,' nor do they require a fixed expiration or settlement date. Since Congress did not define the term, its determination is guided by case law and the Commission's interpretation, neither of which mandates a fixed expiration date. On the misconception of 'high leverage': Some argue that when the CFTC approved the BTCPERP contract, it authorized a futures contract allowing Americans to use leverage as high as 250x, thereby violating its own rules.