Overview
- The Digital Asset Market CLARITY Act faces a procedural Senate cloture vote scheduled for September 15, 2026 with market odds of passage near 14 percent, leaving its future uncertain.
- The SEC has placed a rewrite of adviser and fund custody rules with the White House budget office and published a Reg Crypto proposal in the Federal Register to move faster than stalled legislation.
- The CFTC is actively drafting market‑structure steps to onshore perpetual‑futures trading and has approved onshore perpetual products on some regulated venues as regulators test ways to capture offshore volume.
- A bipartisan group of former SEC and CFTC officials urged principles‑based, risk‑calibrated standards in a Kalshi‑sponsored comment letter that warned heavy compliance rules push liquidity to offshore exchanges.
- If Congress fails to act, agency rules could offer quicker clarity but would be narrower, reversible, and more likely to face litigation while onshore platforms and investors weigh whether new rules will actually recapture the roughly $90 trillion annual offshore perpetuals market estimated by Kalshi.