Former SEC, CFTC Officials Urge Lighter Touch to Bring Crypto Perps Trading Onshore
In brief The SEC and CFTC are moving on crypto rulemaking while market-structure legislation sits in summer recess, with a joint look at how derivatives like swaps and perpetual futures should be defined and where each agency's jurisdiction begins. A bipartisan group of former SEC and CFTC officials—including Chris Giancarlo and Brian Quintenz—argued in a Kalshi-sponsored comment letter that similar risks deserve similar treatment, warning that miscalibrated rules keep driving trading overseas.
Why It Matters
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Key Facts
- Fact 1: While crypto market structure legislation sits in summer recess limbo, the SEC and CFTC are getting a head start on writing the rules for the $2.5 trillion industry.
- Fact 2: Prediction market platform Kalshi, which began offering crypto perps earlier this year, estimates offshore perpetuals trading topped $90 trillion in 2025, up from around $28 trillion two years earlier.
- Fact 3: Prediction market platform Kalshi, which began offering crypto perps earlier this year, estimates offshore perpetuals trading topped $90 trillion in 2025, up from around $28 trillion two years earlier.
- Fact 4: “The $90 trillion offshore perpetuals market isn’t a mystery to solve, it’s a market waiting for a sensible U.S.
In brief The SEC and CFTC are moving on crypto rulemaking while market-structure legislation sits in summer recess, with a joint look at how derivatives like swaps and perpetual futures should be defined and where each agency's jurisdiction begins. A bipartisan group of former SEC and CFTC officials—including Chris Giancarlo and Brian Quintenz—argued in a Kalshi-sponsored comment letter that similar risks deserve similar treatment, warning that miscalibrated rules keep driving trading overseas.
The SEC separately sent a rewrite of its crypto custody rules to the White House for review, aiming to clarify how regulated advisers can custody digital assets. While crypto market structure legislation sits in summer recess limbo, the SEC and CFTC are getting a head start on writing the rules for the $2.5 trillion industry. Both agencies are pressing ahead with several crypto-related initiatives, including a fresh look at derivatives and a rewrite of the SEC’s crypto custody rules.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
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