The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are moving ahead with crypto rulemaking and have requested comment on swaps, security-based swaps, definitions for emerging products, and the boundaries of regulatory jurisdiction. In a joint letter supported by Kalshi, former CFTC Chair Chris Giancarlo, former CFTC Commissioners Brian Quintenz and Sharon Brown-Hruska, and former SEC Commissioner Steven Wallman argued that similar risks should face similar regulation, warning that overlapping rules would raise compliance costs. Kalshi estimated that offshore crypto perpetual trading volume had exceeded $9 trillion in 2025, up from about $2.8 trillion two years earlier. Giancarlo said liquidity could return to the United States if regulation were calibrated to actual risk rather than the highest regulatory burden. Separately, the SEC last week sent proposed revisions to custody rules for investment advisers and investment companies to the White House Office of Information and Regulatory Affairs for review. The agency’s Reg Crypto proposal has also been published in the Federal Register, with public comments open until Oct. 20, according to Decrypt.
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are advancing crypto rulemaking and have requested public comment on swaps, security-based swaps, definitions for emerging products, and the boundary between their regulatory jurisdictions.
In a joint letter supported by Kalshi, former CFTC Chair Chris Giancarlo, former CFTC Commissioners Brian Quintenz and Sharon Brown-Hruska, and former SEC Commissioner Steven Wallman said similar risks should be subject to similar regulation, and that overlapping rules would increase compliance costs.
Kalshi estimated that offshore perpetuals trading volume had exceeded $9 trillion in 2025, versus about $2.8 trillion two years earlier. Giancarlo said related liquidity could return to the United States if U.S. regulation were adjusted based on actual risk rather than the highest burden.
Separately, the SEC last week sent proposed revisions to custody rules for investment advisers and investment companies to the White House Office of Information and Regulatory Affairs, or OIRA, for review. The SEC’s Reg Crypto proposal has been published in the Federal Register, and the public can submit comments through Oct. 20, according to Decrypt.
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