US regulators have moved faster to approve leveraged Bitcoin trading products than to open a legal path for crypto founders to raise money from the public, according to a timeline of recent agency actions.
On May 29, the Commodity Futures Trading Commission (CFTC) approved a Bitcoin perpetual contract for a regulated US exchange. Almost three months later, on Aug. 18, the Securities and Exchange Commission (SEC) proposed a legal route through which crypto projects could someday raise money from the public under rules written for token networks.
The sequence highlights an uneven pace in how Washington is rebuilding the American crypto market. Rules governing trading and hedging of an already-established asset, Bitcoin, are producing live, tradable products, while rules that would let founders finance new token projects still need to pass through a public comment period and another SEC vote before taking effect.
