The infighting between two top-tier establishment factions is actually an interesting positive development.


On June 18, the Chicago Mercantile Exchange (CME) officially filed a lawsuit in the Washington, D.C. court against the U.S. Commodity Futures Trading Commission (CFTC), directly targeting the CFTC's previous approval of the prediction market platform Kalshi to launch Bitcoin perpetual futures contracts (BTCPERP).
U.S. regulators had never previously approved domestic compliant perpetual products; perpetual contracts have always been an absolute cash cow for offshore crypto exchanges.
The CFTC is attempting to carve out a compliant pathway for domestic perpetual contracts for digital commodities, and the emergence of compliant domestic Perps could deal a blow to the traditional delivery futures of CME.
Traditional financial giants' desire for core crypto-native tools is hard to hide, and the competition for the crypto-native derivatives cake is likely to continue for some time.
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