No they are not working on a sequel to Cryptic Writings, but Megadeth are wrapping up the recording of their fourteenth record. We've already seen a few studio updates and recently the band released another video with random clips from the studio edited together, for a very "art school" type studio update:
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Did you see that violinist? Hopefully, we'll get some violin shred on the final album. The band is working in their own studio, Vic's Garage with producer Johnny K.
Both Daves, Mustaine and Ellefson were at NAMM and from what I've read of their interviews they are comparing the music to the "rawness" of their debut record, Killing Is My Business and Business Is Good, which is of course what everybody says when they record a new album, "oh it's a throwback to our early stuff" or "this is the heaviest thing we've ever done." Regardless, I really enjoyed the last record and I'm curious to hear what the band comes up with.
Previously, Mustaine has said the band has found a new label for the band now that they are done with Roadrunner and they will be back touring this year with their Gigantour festival.