CME CEO calls crypto perpetuals swaps, sues CFTC over their approval
- —Duffy says the funding-rate mechanism linking longs and shorts makes perps swaps
- —The CFTC approved Kalshi's BTC perpetual as a futures contract on May 29
- —On September 2 the CFTC asked the court to dismiss CME's suit on procedural grounds
- —Kalshi offers roughly 6x leverage, while some offshore perps go up to 250x
Why it matters: The ruling will decide which US rules govern perps, the largest segment of crypto derivatives trading.
Source: BeInCrypto PL