America’s biggest derivatives exchange is suing its own regulator to stop crypto perpetual futures. CME says the CFTC wrongly classified Kalshi’s Bitcoin perps as futures rather than swaps, allowing a new competitor to operate under lighter rules. The CFTC says it is opening the market to regulated innovation. CME says it is ignoring the law. This is not really a fight about terminology. It is a fight over who controls the next generation of 24/7 trading. #Bitcoin #Crypto
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