TREE NEWS update: Offshore crypto perpetual trading volume surpassed $9 trillion in 2025, up from about $2.8 trillion two years ago, per Kalshi. Former SEC and CFTC officials, including Chris Giancarlo, urged regulators to align oversight with actual risk to reduce compliance burdens and attract liquidity back to the US. The SEC and CFTC are advancing rulemakings, with a comment period open until October 20.
Offshore Crypto Perpetual Trading Hits $9T, Ex-Officials Urge Lighter Regulation
AI take
The surge in offshore perpetual trading volume underscores a structural shift in liquidity away from US venues, driven by regulatory uncertainty. The former officials' push for risk-aligned oversight signals a growing consensus that current compliance costs are disproportionate to actual market risks. With both the SEC and CFTC advancing rulemakings and a comment period open, the key question is whether the final frameworks will meaningfully reduce burdens enough to lure activity back onshore, or if the offshore market's momentum proves too entrenched.
Generated by AI for reference only.
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