[Offshore Crypto Perpetual Contract Trading Volume Reaches $9 Trillion, Former SEC and CFTC Officials Call for Reduced Regulatory Burden] Odaily Planet Daily News – The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) are advancing the formulation of crypto regulatory rules. Both agencies have sought public comments on definitions for swaps, security-based swaps, and emerging products, as well as on the boundaries of regulatory jurisdiction. Former CFTC Chairman Chris Giancarlo, former CFTC Commissioners Brian Quintenz and Sharon Brown-Hruska, and former SEC Commissioner Steven Wallman, among others, stated in a joint letter supported by Kalshi that similar risks should be subject to similar regulations to avoid overlapping rules that increase compliance costs. Kalshi estimates that the offshore perpetual contract trading volume will exceed $9 trillion by 2025, up from approximately $2.8 trillion two years ago. Chris Giancarlo noted that if U.S. regulations were adjusted based on actual risks rather than imposing the highest burdens, related liquidity could potentially return to the U.S. Last week, the SEC submitted its proposed amendments to custody rules for investment advisers and investment companies to the White House Office of Information and Regulatory Affairs (OIRA) for review. The amendments aim to clarify the requirements for regulated investment institutions to provide digital asset custody services. The SEC's 'Reg Crypto' proposal has been published in the *Federal Register*, and the public can submit comments until October 20. (Decrypt)