In brief

• The SEC and CFTC are moving on crypto rulemaking while market-structure legislation sits in summer recess, with a joint look at how derivatives like swaps and perpetual futures should be defined and where each agency’s jurisdiction begins.
• A bipartisan group of former SEC and CFTC officials—including Chris Giancarlo and Brian Quintenz—argued in a Kalshi-sponsored comment letter that similar risks deserve similar treatment, warning that miscalibrated rules keep driving trading overseas.
• The SEC separately sent a rewrite of its crypto custody rules to the White House for review, aiming to clarify how regulated advisers can custody digital assets.