CME Lawsuit Against CFTC Challenges Definition of Perpetual Futures

The CME is suing the CFTC to determine whether perpetual futures contracts should be classified as swaps or futures. Legal experts from Hyperliquid Policy Center, Temporal, and WilmerHale discuss how this classification will fundamentally dictate regulatory access for U.S. traders. The debate centers on whether existing financial regulations can effectively accommodate on-chain market structures.