SEC And CFTC Ask Public To Weigh In On Swaps As Perpetual Futures Fight Heats Up
The SEC and CFTC have opened a joint comment process to review whether existing derivatives definitions still fit newer products such as swaps, security-based swaps, mixed swaps, and other emerging instruments. The timing is significant because regulators are also facing disputes over crypto perpetual futures and whether they should be classified as futures or swaps under Dodd-Frank. That classification matters because it determines who can list the product, what rules apply, and how retail and institutional traders can access it. Crypto markets rely heavily on derivatives, but U.S. rules remain fragmented. A swap label would bring different clearing, reporting, and venue requirements than a futures label. The debate is sharpened by CME’s lawsuit over CFTC approval of perpetual futures on event-contract platforms such as Kalshi and Coinbase. The agencies will accept public comments for 60 days, and their review could shape whether more crypto derivatives are brought onshore under a clearer U.S. framework.
