CryptoSlate
US regulators have greenlit leveraged Bitcoin perpetuals on domestic venues while leaving the door shut on the legal path for crypto founders to raise money from the public. The CFTC cleared Kalshi's BTCPERP on May 29 under Regulation 40.3, allowing exposure up to six times a trader's posted collateral, and Bitnomial is now offering a live US-regulated Bitcoin perpetual. The SEC's Regulation Crypto Assets proposal landed on August 18 with $5 million, $20 million, and $75 million public-offering tiers plus a token safe harbor, but no issuer can use it until comments close October 20 and the commission votes a final rule.
Why it matters
The asymmetry is structural, not incidental. Perpetuals fit inside an existing exchange regime where designated contract markets already carry capital, surveillance, customer protection, and clearing requirements, so the CFTC only had to decide whether a specific contract complied with those duties. Token fundraising asks the SEC to design a broader system covering disclosures, financial statements, resale rules, and whether federal preemption overrides state registration, which is a heavier lift and a longer public-comment clock. The Senate's CLARITY Act, which would hard-code the SEC-CFTC boundary in statute, runs on a third track with a cloture vote scheduled for September 15.
Market impact
Bitcoin is doing the price work while the regulatory plumbing sorts itself out. BTC traded around $77,000 on August 21, up roughly 22% over seven days, while CoinGlass recorded $154.6 billion in 24-hour Bitcoin futures volume and $56.2 billion in open interest. The latest rolling window captured about $840 million of Bitcoin futures liquidations, with the prior day's snapshot at $3.1 billion of bearish crypto liquidations as BTC broke through $72,000. The windows overlap but describe stages of the same rally. The derivatives layer is now operational on US soil, but the supply of legally financed tokens that could trade beside those perps is still waiting on a final SEC rule.
Frequently asked questions
-
What did the CFTC approve for Bitcoin trading on Kalshi?
The CFTC cleared Kalshi's BTCPERP under Regulation 40.3 on May 29, allowing the platform to list a true Bitcoin perpetual contract with up to six times a trader's posted collateral.
-
Why can't US crypto founders legally raise money from the public yet?
The SEC's Regulation Crypto Assets proposal would create $5 million, $20 million, and $75 million public-offering tiers plus a token safe harbor, but the rule is still in public comment until October 20 and requires a final commission vote before any issuer can use it.
-
How did Bitcoin's price react during this regulatory shift?
Bitcoin traded around $77,000 on August 21, up roughly 22% over seven days, with $154.6 billion in 24-hour Bitcoin futures volume and $56.2 billion in open interest on CoinGlass.
-
What is the CLARITY Act and when does it move?
The CLARITY Act would statutorily divide crypto market authority between the SEC and CFTC. Senate Banking Chair Tim Scott said on August 20 that he still sees a viable route to a September vote, with a cloture motion scheduled for September 15.
-
Did the June no-action relief for Coinbase and Bitnomial create a permanent route?
No. The CFTC's June 12 no-action relief let Bitnomial and Coinbase Derivatives remove expiration dates from specified contracts without re-listing them, but the window expired on June 30 and is not a standing option today.
CoinTelegraph
TheBlock
CoinDesk
WatcherGuru
WuBlockchain
Crypto News