The SEC and CFTC are advancing crypto rulemaking while market-structure legislation remains in summer recess limbo. The agencies have sought public input on how swaps, security-based swaps and emerging products should be defined, including where their respective jurisdictions begin and end. A bipartisan group of former officials, in a Kalshi-sponsored comment letter, said similar risks should receive similar regulatory treatment and warned that overlapping or miscalibrated rules can push trading overseas. The group included former CFTC Chairman Chris Giancarlo, former CFTC Commissioners Brian Quintenz and Sharon Brown-Hruska, former SEC Commissioner Steven Wallman and former SEC Chief Economist Chester Spatt. The CFTC is considering how to bring perpetual futures (crypto contracts with no expiry date) onshore, while Kalshi estimates offshore perpetuals trading reached more than $90 trillion in 2025, compared with about $28 trillion two years earlier. Separately, the SEC sent a planned rewrite of its crypto custody rules to the White House Office of Information and Regulatory Affairs for review. The proposal is intended to clarify how SEC-regulated investment firms can custody digital assets under federal securities laws, although its text and potential custodian requirements are not yet public. The SEC also has a crypto asset-offerings proposal, known as Reg Crypto, open for public comment until October 20.