Odaily Planet Daily report: The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) are advancing the development of cryptocurrency regulatory rules, having sought public comment on the definitions of swaps, security-based swaps, and emerging products, as well as the boundaries of regulatory jurisdiction.
In a joint letter supported by Kalshi, former CFTC Chairman Chris Giancarlo, former CFTC commissioners Brian Quintenz and Sharon Brown-Hruska, former SEC commissioner Steven Wallman, and others stated that similar risks should be subject to similar regulation to avoid overlapping rules that increase compliance costs.
Kalshi estimates that offshore perpetual contract trading volume exceeded $9 trillion in 2025, up from approximately $2.8 trillion two years ago. Chris Giancarlo stated that if U.S. regulation were adjusted based on actual risk rather than maximum burden, relevant liquidity could return to the United States.
Last week, the SEC submitted its proposed revisions to the custody rules for investment advisers and investment companies to the White House Office of Information and Regulatory Affairs (OIRA) for review, aiming to clarify requirements for regulated investment entities providing digital asset custody services. The SEC’s “Reg Crypto” proposal has been published in the Federal Register, and the public may submit comments until October 20. (Decrypt)