Kalshi and Bitnomial now offer CFTC-approved Bitcoin perpetual contracts with leverage up to six times collateral, while the SEC’s crypto fundraising framework remains only a proposal awaiting public comments until October 20. Bitcoin traded around $77,000 on August 21 with $154.6 billion in 24-hour futures volume. This regulatory asymmetry allows regulated institutions to trade crypto derivatives in the US, while no active legal path exists for founders seeking to sell tokens to the American public.
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