Without proof of harm, does CME’s lawsuit still have a leg to stand on? On Friday, the CFTC filed a court document saying CME hadn’t shown that the government’s push for perpetual futures had harmed it or was about to harm it, so it had no standing to sue. The CFTC also pointed out that after the policy was adjusted, trading volume in CME’s crypto futures actually increased.
Last May, the CFTC approved Kalshi to offer the first Bitcoin $BTC perpetual contract in the U.S., taking a case-by-case approach to regulating them as futures. CME argues that without an expiration date, the contracts should be classified as swaps, not futures. Last month, the CFTC had already asked the judge to dismiss the lawsuit.
$BTC 82013.58, up just 1.18% over 24 hours—the price barely reacted to the news. What changed my view was TD Cowen’s point: CME could still have the upper hand on standing and on whether perpetuals are classified as swaps. But if the lawsuit drags on and the market keeps growing, unwinding the affected markets after a win could become much harder.
Would you rather see the court rule on standing first, or decide first whether perpetuals are futures or swaps?
#美国监管 #永续期货
Last May, the CFTC approved Kalshi to offer the first Bitcoin $BTC perpetual contract in the U.S., taking a case-by-case approach to regulating them as futures. CME argues that without an expiration date, the contracts should be classified as swaps, not futures. Last month, the CFTC had already asked the judge to dismiss the lawsuit.
$BTC 82013.58, up just 1.18% over 24 hours—the price barely reacted to the news. What changed my view was TD Cowen’s point: CME could still have the upper hand on standing and on whether perpetuals are classified as swaps. But if the lawsuit drags on and the market keeps growing, unwinding the affected markets after a win could become much harder.
Would you rather see the court rule on standing first, or decide first whether perpetuals are futures or swaps?
#美国监管 #永续期货