business
CME chief executive says company plans to sue CFTC after perpetual futures approval
Key takeaways
- Commodity Futures Trading Commission (CFTC) after it approved perpetual futures products earlier this month.
- The CFTC's approval of Kalshi's perpetual futures product did not meet the requirements of the Dodd-Frank Act governing swaps, he told CNBC on Wednesday.
- "Under the Dodd-Frank Act, it clearly defines what a swap is and what a future is, and when there's two parties exchanging payments to each other, that's deemed a swap," he said.
Commodity Futures Trading Commission (CFTC) after it approved perpetual futures products earlier this month.
The CFTC's approval of Kalshi's perpetual futures product did not meet the requirements of the Dodd-Frank Act governing swaps, he told CNBC on Wednesday.
"Under the Dodd-Frank Act, it clearly defines what a swap is and what a future is, and when there's two parties exchanging payments to each other, that's deemed a swap," he said. "So, if anything, these products that he supposedly approved as futures are not futures, they would be swaps, and if they're swaps, and let's say, as you know, there's different requirements in order to participate in the swap market."
Article preview — originally published by CoinDesk. Full story at the source.
Read full story on CoinDesk →
More top stories
Also covered by
Aggregated and edited by the Scoop newsroom. We surface news from CoinDesk alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop