According to CoinMeta, as Clarity Act awaits Senate approval, SEC and CFTC are continuing to advance the formulation of regulations for crypto derivatives and custody. Former CFTC chairperson Chris Giancarlo, former members Brian Quintenz, and other former SEC officials, along with CFTC officials, called for consistent regulation of products with similar risks and avoided overlapping regulations that could increase compliance costs in a letter drafted with funding from Kalshi. They warned that excessive regulation might continue to drive perpetual contract trading overseas. Kalshi estimates that the scale of offshore perpetual contract trading will exceed $90 trillion by 2025, up from about $28 trillion two years ago. On the SEC front, draft custody regulations for investment advisors and investment companies have been submitted to the White House OIRA for review, with the aim of clarifying how regulated institutions should comply in custodying digital assets. Their proposal Reg Crypto has also entered the Federal Register process, and public comments are being accepted until October 20th.