Crypto firms back CFTC in fight over whether perpetual futures are swaps

Crypto and prediction-market firms have sided with the U.S. Commodity Futures Trading Commission in a legal dispute, arguing that perpetual futures are not swaps. The outcome matters because a ruling that perps are swaps would pull them under a stricter regulatory regime, affecting how exchanges can list and offer these products. The filing is a procedural step, so near-term price impact is limited, but it signals industry alignment with the CFTC on derivatives classification.