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Key Takeaways
- The CFTC and SEC jointly requested public comment on derivatives definitions on June 18.
- The move follows CME’s lawsuit over Kalshi’s Bitcoin perpetual futures approval.
- CME argues perpetual contracts are swaps, not futures, under Dodd-Frank.
- The classification decides which rulebook governs US crypto perps.
- The comment period runs 60 days after Federal Register publication.
The way you trade crypto in the US is about to change. A high-stakes legal battle over “perpetual futures” is unfolding in federal court, and the outcome will not just settle a disagreement between companies. It will help decide how much risk, and what kind of products, are available to the average retail investor.
What Triggered the Sudden Review
On June 18, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) jointly issued a request for public comment on how “swaps” and “security-based swaps” should be defined an...
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