SEC Proposes Rules as Regulated US Crypto Perpetuals Gain Momentum

On August 18, the US Securities and Exchange Commission (SEC) proposed rules for token networks to raise money from the public. However, this comes almost three months after the Commodity Futures Trading Commission (CFTC) approved a Bitcoin perpetual contract for a regulated US exchange on May 29.

The CFTC's approval of Kalshi's BTCPERP established that a US platform can list a true crypto perpetual under existing derivatives law. Bitnomial has since launched its own US perpetual futures, including a live Bitcoin contract.

Despite the progress in regulated markets, the SEC's proposed rules for token networks are still pending public comments and another vote. This discrepancy highlights the unusual order in which Washington is rebuilding the American crypto market, with established assets receiving clearer regulations while new asset creation remains uncertain.