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06/19/2026

CFTC, SEC Seek Public Input on Swap Definitions Amid CME Lawsuit

What happened: The CFTC and SEC jointly opened a public comment period to clarify definitions of swaps, security-based swaps, and related derivatives, days after CME Group filed suit against the CFTC.

CFTC, SEC Seek Public Input on Swap Definitions Amid CME Lawsuit

What happened: The CFTC and SEC jointly opened a public comment period to clarify definitions of swaps, security-based swaps, and related derivatives, days after CME Group filed suit against the CFTC. CME alleges the agency overstepped by classifying Kalshi's BTCPERP as a futures contract instead of a swap. The lawsuit, filed June 18, 2026, follows the CFTC's May 29 approval of the product. The CFTC called the suit "frivolous," framing CME as resisting innovation.

Why it matters: The outcome could reshape the regulatory landscape for perpetual futures and similar products, potentially forcing platforms like Kalshi and Coinbase to register as swap dealers. This could disrupt large segments of the U.S. derivatives market, impacting trading volumes and compliance costs. The dispute also reflects broader tensions between regulators and incumbent exchanges over the pace and direction of crypto market innovation.

Source: BanklessTimes, CNBC