Bitcoin News
By Evie Vavasseur
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Swaps or Futures: The Heart of the Issue. The real debate is a matter of classification. Duffy and CME argue that perpetual futures — the…
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The CFTC Defends Kalshi — and Coinbase. On the regulatory side, Michael Selig, Chairman of the CFTC, defended the decisions made.
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A Leadership Change at the Top of CME. The timing of this announcement is no coincidence. CME filed its lawsuit the same day Duffy…
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CME Group is ready to fight. Not in a trading pit — in a courtroom.
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Outgoing CME CEO Terrence Duffy announced live on CNBC's "Fast Money" that the company would file a lawsuit against the Commodity Futures Trading Commission.
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Not a knee-jerk reaction, then. A calculated choice.
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The real debate is a matter of classification. Duffy and CME argue that perpetual futures — the so-called "perps" in crypto jargon — are not futures in the legal sense.
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Why? Because under the Dodd-Frank Act, swaps and futures are subject to very different rules: clearing, reporting, authorized trading venues.
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For those unfamiliar with perpetual futures: they are derivative contracts without a fixed expiration date. No settlement on a specific date.
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On the regulatory side, Michael Selig, Chairman of the CFTC, defended the decisions made. For him, approving these regulated perpetual contracts is a way to bring under domestic…
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Selig to CNBC: "It's time to approve regulated futures contracts that have no expiration date."
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Related reading: On-chain Activity Suggests Whale Accumulation During Bitcoin Dip
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And the CFTC hasn't just approved Kalshi. The agency also authorized Coinbase to connect U.S. clients to offshore perpetual futures trading.
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Duffy also put another argument on the table: CME holds exclusive licenses on key market indices.
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The timing of this announcement is no coincidence. CME filed its lawsuit the same day Duffy announced his successor. He will step down in March 2027.
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