Are perps swaps? A quick look at that CME suit: State of Crypto (opens original article in a new tab)

CME Group sued the CFTC, claiming Kalshi's perpetual futures should be classified as swaps under Dodd-Frank, arguing the approval process was flawed.

• CME Group sued the CFTC over Kalshi's perpetual futures approval
• CME claims perps are swaps, not futures, violating Dodd-Frank
• CFTC approved Kalshi's perps and issued a no-action letter to Coinbase