Crypto is now teamed up with U.S. government in two legal battles over perps

The CFTC has aligned with crypto firms in two legal disputes over whether perpetual futures qualify as swaps, marking a notable shift in the agency's stance on derivatives classification. The cases center on how perps—widely traded on offshore venues and increasingly on U.S.-facing platforms—should be regulated under existing commodities law. The outcome matters because a swap designation would subject perps to stricter clearing and reporting requirements, raising costs for exchanges and traders. Market participants are watching for further CFTC filings and any congressional action that could codify the distinction.