CME Group filed a lawsuit on June 18 against the CFTC to challenge the classification of Bitcoin perpetual futures contracts. The exchange argues that products listed by rival KalshiEX should be classified as swaps rather than futures. Bank of America projects crypto perpetual trading volume will exceed $93 trillion by 2025, nearly five times the size of the underlying spot crypto market. With approximately $4.4 trillion in annual volume, CME’s crypto futures represent less than 5% of the perpetual market. The outcome of this case could reshape the regulatory framework for perpetual products in the United States.
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