Why a Single Word Will Decide Who Can Trade Perps in the U.S

The CME is suing the CFTC over how perpetual futures contracts should be defined: as a swap or a future? Jake Chervinsky of Hyperliquid Policy Center, Cathy Yoon of Temporal, and Tiffany J. Smith of WilmerHale lay out why the answer decides who in the US ever gets to trade one. Host: Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin Guests: 👉 Cathy Yoon - General Counsel of Temporal - https://x.com/_cathyyoon 👉 Tiffany J. Smith - Partner at WilmerHale and Co-Chair of its Blockchain & Cryptocurrency Working Group 👉 Jake Chervinsky - CEO of Hyperliquid Policy Center - https://x.com/jchervinsky This clip is from a longer conversation recorded at the RWA Summit on how perpetual futures get regulated in the US. Full episode here: https://youtu.be/evqiVB-IgTI We go live twice every week - subscribe to catch it live. 👉 Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at http://unchainedcrypto.com/go/1inch-sn Chapters: 🎙️ 00:00 Laura opens: is a perp a future or a swap, and why does CME say otherwise ⚖️ 00:59 Jake: the real question is who gets access to trade perps in the US 📜 02:28 Tiffany on how 'regulation by enforcement' muddied swap-vs-future 🔮 03:45 Cathy's case for futures: onchain access over intermediaries 🏛️ 05:42 Laura presses on how old rules should bend to onchain markets 😤 09:58 Cathy calls CME's absence from the panel 'a little bit of cowardice'