Read together, this week's filings show regulators writing crypto rules on their own paper, not waiting for a bill that is stuck in the Senate.
FASB Opens a Path for Stablecoins to Count as Cash
The Financial Accounting Standards Board has proposed guidance that would let qualifying stablecoins sit on corporate balance sheets as cash equivalents under US accounting rules, carried by three independent publishers including Cointelegraph, CryptoBriefing and crypto.news. That is an accounting standard-setter's own proposal, not a law and not a final rule — it decides how firms would be permitted to classify stablecoin holdings, not whether they may hold them, and it has not yet been adopted. What it establishes is narrow: a draft framework, open to whatever comment and revision process FASB proposals go through, that could change disclosure treatment. It does not resolve the separate question of what counts as a "qualifying" stablecoin, which is left to definition elsewhere.
Two Agencies Say They Will Write Rules Congress Has Not
Separately, the SEC has proposed new rules governing crypto asset investment contracts, described by CoinGape as a 'Reg Crypto' framework, a filing reported by five independent publishers with nine feeds carrying it — the best-attested primary document in this batch. That proposal exists alongside a second report, carried by CryptoBriefing and Cryptopolitan, that the CLARITY Act remains stalled in the Senate and the SEC and CFTC are proceeding to draft their own crypto policy. Read together, these are not competing accounts of the same event so much as two documents that corroborate each other's premise: the SEC's actual proposal is the evidence that the agencies are acting without waiting on Congress, and the second report is confirmation, from two more publishers, that this is a considered posture rather than a one-off filing. Neither document sets a date by which any rule takes effect.
Filed Petitions From Kalshi and a Hyperliquid Group Are Not Yet Rules
Kalshi has filed with the CFTC for perpetual futures contracts linked to a US stock index and to copper, an application carried by The Block and crypto.news that extends the platform beyond the event-contract format it built its business on. The Hyperliquid Policy Center and trading platform trade[XYZ] have separately submitted a petition asking the SEC to establish rules for pre-IPO perpetual contracts, reportedly proposing five rule pillars, in a filing carried across Crypto Economy, CryptoBriefing and crypto.news. Both are requests addressed to regulators, not decisions by them: a CFTC filing and an SEC petition record what industry wants written into rule, not what either commission has agreed to write. Nothing in either document commits the CFTC or the SEC to act on the timeline, or in the form, the filers propose.
The best-documented action on the record is FASB's own proposal and the SEC's own "Reg Crypto" filing, actual regulatory text rather than commentary about it. Everything else here, from the Kalshi filing to the Hyperliquid petition, is a request on file, not a rule in force.
Stories in this edition
Publisher counts are as at publication and keep moving; each story page carries the live number.
- FASB Proposes Rules to Let Stablecoins Count as Cash Equivalents 3 independent publishers — FASB's own proposed guidance, the primary accounting-standard document in this edition
- Crypto Investment Contracts Face New Rules Under SEC Proposal 5 independent publishers — the SEC's own proposal, the best-attested primary filing of the set
- Trump-Era SEC and CFTC to Draft Crypto Rules as CLARITY Act Stalls in Senate 2 independent publishers — corroborates the SEC proposal's premise that agencies are acting independently of Congress
- Perpetual Futures on Stock Index and Copper Filed With CFTC by Kalshi 2 independent publishers — a primary CFTC filing showing Kalshi's expansion request, not yet a ruling
- Hyperliquid Policy Center, trade[XYZ] Ask SEC for Rules on Pre-IPO Perpetual Contracts 2 independent publishers — a primary SEC petition on file, distinct from any adopted rule
The best-documented action on the record is FASB's own proposal and the SEC's own "Reg Crypto" filing, actual regulatory text rather than commentary about it. Everything else here, from the Kalshi filing to the Hyperliquid petition, is a request on file, not a rule in force.