Kalshi’s crypto perpetuals spark debate over whether they’re futures or swaps
Kalshi's launch of crypto perpetuals has triggered a regulatory debate over whether these products should be classified as futures or swaps. The classification will dictate future regulatory oversight and retail access to these financial products.
Why it matters
The regulatory status of these products will significantly influence the structure of the U.S. crypto market and investor protection standards.
The disagreement: Both sides view the same product through different regulatory lenses.
The article presents the arguments from different regulatory perspectives without favoring one side.
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