The CFTC has already approved live, high-leverage Bitcoin perpetual futures in the US, while the SEC's proposed rules for crypto token fundraising remain stuck in a public comment period. The gap leaves regulated traders able to bet on Bitcoin with leverage today, while founders still have no active route to raise money publicly under crypto-specific rules.
Derivatives move first, fundraising lags behind
On May 29, the CFTC approved a Bitcoin perpetual contract for Kalshi, a regulated US exchange, under its existing Regulation 40.3 review process. Bitnomial now offers a live Bitcoin perpetual as well. Almost three months later, on Aug. 18, the SEC proposed Regulation Crypto Assets, a legal path through which crypto projects could someday raise money from the public under rules written for token networks — but no issuer can use it yet.
The CFTC could work within an established exchange system that already covers capital, customer protection, clearing, and surveillance. The SEC, by contrast, must resolve disclosure rules, raise limits, and resale terms for token issuers before founders gain a usable route.
Bitcoin rallies as leveraged futures volume swells
Bitcoin traded around $77,000 on Aug. 21, up about 22% over seven days. CoinGlass recorded roughly $154.6 billion in 24-hour Bitcoin futures volume and $56.2 billion in open interest. Its latest rolling window also showed about $840 million of Bitcoin futures liquidations. The previous day's snapshot captured $3.1 billion of bearish crypto liquidations as BTC broke through $72,000. Kalshi's perpetuals platform can offer a Bitcoin contract with leverage of up to six times a trader's posted collateral.
Token issuers still wait on the SEC
The SEC's proposal entered the Federal Register on Aug. 21, giving the public until Oct. 20 to comment before the agency considers revisions and votes on a final version. It would provide a $5 million startup exemption, $20 million and $75 million public tiers, and a safe harbor through which a token could separate from its original investment contract.
Congress is running on a separate track. The Senate Banking Committee advanced the CLARITY Act in May, with a cloture motion scheduled to ripen on Sept. 15. Committee chair Tim Scott said on Aug. 20 that he still sees a viable route to a September vote.
For now, a regulated institution has a clearer path to trade a Bitcoin derivative in the United States than a founder has to fund the token that might one day trade beside it.
Source: CryptoSlate
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