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Washington Makes Double Move on Crypto: Fast in Trading, Cautious in Capitalization
2026 marked a turning point in American cryptocurrency policy. Two major regulatory bodies made decisions shaping two of the sector's most critical pillars. However, the speed and scope of these decisions differed significantly.
Trading Front: Historic Approval
On May 29, 2026, the US Commodity Futures Commission (CFTC) approved the first Bitcoin perpetual futures contract to be listed on a regulated exchange in the country. KalshiEX's BTCPERP product received the green light; Coinbase's financial markets arm also received a positive opinion from the CFTC on the same day.
CFTC Chairman Mike Selig described this move as "a major step forward in our goal of making the US the crypto capital." Unlike traditional futures contracts, perpetual contracts have no expiration date, and investors can hold the contract indefinitely to profit from price movements in the asset.
So Why Is This So Important?
This approval was actually born out of a kind of "necessity." The uncontrolled growth of the decentralized exchange Hyperliquid was causing US investors to flock to offshore platforms using VPNs. In particular, the shockwaves in the energy market triggered by the Iran conflict exposed the structural gaps in traditional markets, especially during weekends and outside of business hours. Hyperliquid, filling this gap, generated approximately $960 million in revenue in 2025.
The CFTC's move aims to bring some of this volume into a regulated and secure environment. Perpetual contracts often offer leverage of up to 40x, making them extremely risky. However, CFTC Chairman Selig stated that their institution would "limit excessive leverage, volatility, and systemic risk."
Capital Raising Front: Slower, More Cautious
Following the CFTC's swift action, approximately three months later, the US Securities and Exchange Commission (SEC) entered the scene. On August 18, 2026, the SEC proposed a legal framework called "Regulation Crypto Assets" (Reg Crypto) that would allow crypto projects to raise public funds under rules specifically designed for token networks.
This proposal is the clearest indication yet that the SEC is shifting from its long-standing "practice first, rule later" approach to the crypto sector to a formal set of rules. The proposal is approximately 400 pages long and offers three main exemption pathways for token projects:
1. Venture Exemption: Allows raising funds up to approximately $5 million for a maximum of 4 years.
2. Funding Exemption: Allows raising funds up to $75 million within 12 months, but requires audited financial statements and periodic reporting. 3. Safe Harbor: This allows tokens to lose their securities status once the network is sufficiently decentralized.
Is Everything Alright? Not Yet.
While CFTC approval directly authorizes a product launch, the SEC's proposal is more of a "draft." Published in the Federal Register, this proposal has entered a 60-day public comment period. During this period, industry players, legal experts, and investors can provide their opinions. It could take months for the final rules to take shape and be implemented after this feedback.
According to Grayscale Research, this framework could benefit networks like Ethereum, Solana, and BNB Chain by encouraging more US-based token issuance. However, the lack of final rules and the uncertainty surrounding the CLARITY Act in Congress suggest that full regulatory clarity may not be achieved in the coming period.
Washington's Strategic Balance
As a result, Washington has been faster on the trading side and more cautious and slower on the fundraising side while restructuring the rules for the crypto market. This appears to be part of a strategy to bring the sector to its shores by managing risks and setting its own rules, rather than completely halting crypto innovation.
Don't miss out on this historic wave of regulation in the crypto world and the opportunities it brings. Open an investment account now and start exploring the newest products on the market!
2026 marked a turning point in American cryptocurrency policy. Two major regulatory bodies made decisions shaping two of the sector's most critical pillars. However, the speed and scope of these decisions differed significantly.
Trading Front: Historic Approval
On May 29, 2026, the US Commodity Futures Commission (CFTC) approved the first Bitcoin perpetual futures contract to be listed on a regulated exchange in the country. KalshiEX's BTCPERP product received the green light; Coinbase's financial markets arm also received a positive opinion from the CFTC on the same day.
CFTC Chairman Mike Selig described this move as "a major step forward in our goal of making the US the crypto capital." Unlike traditional futures contracts, perpetual contracts have no expiration date, and investors can hold the contract indefinitely to profit from price movements in the asset.
So Why Is This So Important?
This approval was actually born out of a kind of "necessity." The uncontrolled growth of the decentralized exchange Hyperliquid was causing US investors to flock to offshore platforms using VPNs. In particular, the shockwaves in the energy market triggered by the Iran conflict exposed the structural gaps in traditional markets, especially during weekends and outside of business hours. Hyperliquid, filling this gap, generated approximately $960 million in revenue in 2025.
The CFTC's move aims to bring some of this volume into a regulated and secure environment. Perpetual contracts often offer leverage of up to 40x, making them extremely risky. However, CFTC Chairman Selig stated that their institution would "limit excessive leverage, volatility, and systemic risk."
Capital Raising Front: Slower, More Cautious
Following the CFTC's swift action, approximately three months later, the US Securities and Exchange Commission (SEC) entered the scene. On August 18, 2026, the SEC proposed a legal framework called "Regulation Crypto Assets" (Reg Crypto) that would allow crypto projects to raise public funds under rules specifically designed for token networks.
This proposal is the clearest indication yet that the SEC is shifting from its long-standing "practice first, rule later" approach to the crypto sector to a formal set of rules. The proposal is approximately 400 pages long and offers three main exemption pathways for token projects:
1. Venture Exemption: Allows raising funds up to approximately $5 million for a maximum of 4 years.
2. Funding Exemption: Allows raising funds up to $75 million within 12 months, but requires audited financial statements and periodic reporting. 3. Safe Harbor: This allows tokens to lose their securities status once the network is sufficiently decentralized.
Is Everything Alright? Not Yet.
While CFTC approval directly authorizes a product launch, the SEC's proposal is more of a "draft." Published in the Federal Register, this proposal has entered a 60-day public comment period. During this period, industry players, legal experts, and investors can provide their opinions. It could take months for the final rules to take shape and be implemented after this feedback.
According to Grayscale Research, this framework could benefit networks like Ethereum, Solana, and BNB Chain by encouraging more US-based token issuance. However, the lack of final rules and the uncertainty surrounding the CLARITY Act in Congress suggest that full regulatory clarity may not be achieved in the coming period.
Washington's Strategic Balance
As a result, Washington has been faster on the trading side and more cautious and slower on the fundraising side while restructuring the rules for the crypto market. This appears to be part of a strategy to bring the sector to its shores by managing risks and setting its own rules, rather than completely halting crypto innovation.
Don't miss out on this historic wave of regulation in the crypto world and the opportunities it brings. Open an investment account now and start exploring the newest products on the market!