Crypto teams up with U.S. government to defend stock perps in legal fight

Crypto and prediction-market firms have filed amicus briefs backing the CFTC in litigation over whether perpetual futures count as swaps, a classification that would subject them to stricter regulation. The dispute centers on stock perpetuals, and the industry coalition argues the products fall outside the swap definition the agency is defending. The outcome matters because a swap designation could reshape how perpetuals are offered and traded in the U.S. market.