Former SEC and CFTC Officials Urge Regulatory Reform to Bring Crypto Derivatives Back to the U.S.

A bipartisan group of former SEC and CFTC officials, including Chris Giancarlo and Brian Quintenz, has called for a recalibration of U.S. crypto regulations in a comment letter sponsored by Kalshi. They argue that aligning regulations with actual risks rather than maximum burdens would encourage liquidity to return to the U.S. market. Kalshi reports that offshore perpetual futures trading volume reached over $90 trillion in 2025, a significant increase from $28 trillion two years ago. Meanwhile, the SEC is moving forward with its custody rule rewrite and "R