Why the Question Over How to Regulate Perps Has Turned Into a Fight
Published: September 4, 2026
Duration: 32:20
The CME is suing its own regulator over how perps get classified, and the ruling decides who in the US can trade them. Three lawyers make the case for futures over swaps.
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The CME is suing its own regulator. At stake is a single word: is a perpetual futures contract a swap, locked to institutional trading desks, or a future, open to any retail trader in the US?
Cathy Yoon, General Counsel at Temporal, Tiffany J. Smith, Partner at WilmerHale, and Jake Chervinsky, CEO of Hyperliquid Policy C...