U.S. regulators are moving ahead with crypto rulemaking as legislation on market structure remains stuck during the summer recess. The Securities and Exchange Commission and the Commodity Futures Trading Commission are each advancing separate initiatives that touch core parts of the digital-asset market, including the definition of swaps and perpetual futures, as well as the SEC’s rewrite of its crypto custody framework for investment advisers and investment companies.
A bipartisan group of former officials from both agencies said in a comment letter sponsored by Kalshi that similar risks should receive similar regulatory treatment, and that overlapping rules should not create extra compliance costs. Former CFTC Chairman Chris Giancarlo said liquidity could return to the United States if federal rules are calibrated to actual risk rather than the maximum regulatory burden, adding that each year of delay makes that harder. Kalshi also estimated that offshore perpetual trading volume exceeded $90 trillion in 2025, up from about $28 trillion two years earlier. Separately, the SEC last week sent its custody-rule rewrite to the White House review office, while its "Reg Crypto" proposal has formally entered the Federal Register with public comments due by Oct. 20.
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are stepping up rulemaking for the crypto sector as legislation on market structure remains stuck during the summer recess. The report described the industry as a $2.5 trillion market.
The two agencies are advancing several crypto-related measures, including a fresh review of how derivatives such as swaps and perpetual contracts should be defined, along with a rewrite of the SEC’s crypto custody rules.
Former regulators push back on overlapping rules
A bipartisan group made up of former CFTC Chairman Chris Giancarlo, former CFTC Commissioners Brian Quintenz and Sharon Brown-Hruska, former SEC Commissioner Steven Wallman, and former SEC Chief Economist Chester Spatt said in a comment letter sponsored by Kalshi that similar risks should receive similar regulatory treatment. They also said overlapping rules should not pile on additional compliance costs.
Giancarlo said liquidity would return to the United States if federal regulation were calibrated to actual risk rather than maximum burden. He added that every year of delay makes it harder to bring that liquidity back.
Kalshi estimates offshore perpetual volume above $90 trillion
Kalshi estimated that offshore perpetual contract trading volume exceeded $90 trillion in 2025, up from about $28 trillion two years earlier.
SEC proposals move into review and comment stages
The SEC last week sent its plan to rewrite custody rules for investment advisers and investment companies to the White House Office of Information and Regulatory Affairs for review. Separately, its "Reg Crypto" proposal has formally entered the Federal Register, with the public comment period set to run through Oct. 20.
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