Former SEC and CFTC Officials Warn the U.S. May Miss Out on $90 Trillion Perpetual Contract Market

A group of bipartisan former SEC and CFTC officials warned in a letter that misdefining regulatory boundaries could lead to continued market migration overseas, advocating that similar risks should receive similar regulatory treatment. The CFTC is seeking to introduce perpetual contracts in the U.S., with Trump stating that the CFTC chairman is committed to bringing Hyperliquid to the U.S. Kalshi estimates that by 2025, offshore perpetual contract trading volume will exceed $90 trillion. Former CFTC chairman Giancarlo pointed out that the $90 trillion market is not a puzzle to be solved, but a market waiting for a reasonable U.S. rulebook. A draft rewrite of the SEC's crypto custody rules has been submitted for White House review.

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