CME sues CFTC over crypto perps approval as Duffy calls them swaps

CME CEO Terry Duffy argues that crypto perpetual futures are legally swaps, and CME is suing the CFTC over the agency's approval of such products. The dispute centers on how perpetual contracts are classified and regulated in the US. A court ruling could reshape which venues can list crypto perps and under what rules, a key structural question for derivatives trading.