The CFTC pushed back against CME’s lawsuit, saying CME had not shown that the new policy was harming it. The situation is straightforward: the CFTC approved the first U.S. bitcoin perpetual contract, CME objected and sued, and on October 19 the CFTC’s response was essentially that CME first needed to provide evidence of harm. I’m watching to see whether this case becomes a gateway for perpetual contracts to enter the U.S. market. CME itself is still promoting Bitcoin Cash and Uniswap futures this week, so building out its product lineup while suing says a lot. On the same day, BTC hovered above $82,000, with $1 billion in 24-hour trading volume, down 1.0%. If the CFTC’s interpretation opens the door to compliance for perpetual contracts, CME’s continued lawsuit will amount to testing the limits on behalf of the entire industry. $BTC