SEC and CFTC launch 60‑day public comment on crypto portfolio margin rules

The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have opened a 60‑day joint public comment period to review and potentially align portfolio margin rules across securities and derivatives markets. The agencies are seeking feedback on cross‑margining, collateral treatment, risk management, customer protections and the impact on market liquidity and competition. SEC Chair Paul Atkins said, “Cross‑margining offers a clear opportunity to unlock liquidity that remains frozen in separate accounts.” The review follows recent approvals of crypto perpetual futures, including Kalshi’s contracts and offerings by Coinbase and Kraken, and comes amid legal disputes over how such products should be classified. Regulators aim to reduce fragmentation and improve coordination as crypto derivatives increasingly operate in both markets.