SEC and CFTC Launch Review of Crypto Derivatives Rules

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have jointly opened a 60-day review of crypto derivatives rules. The review follows recent approval of U.S. crypto perpetual futures.

The agencies are seeking public input on portfolio margining, cross-product risk, and market oversight. They want to assess whether closer coordination can support better risk controls and clearer customer protections.

CME Group has challenged the CFTC's approval of Kalshi's crypto perpetual futures in court, arguing that they should fall under swap rules rather than futures rules due to their lack of a fixed expiration date.