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CME has sued the CFTC, its own primary regulator, a rare move for a regulated exchange, landing the day after longtime CEO Terry Duffy announced he would step down. The trigger: the CFTC’s approval of a narrowly tailored Kalshi Bitcoin perpetual, the first true perp cleared onshore.

Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le untangle CME’s two arguments, that perps are swaps rather than futures, and that the agency acted arbitrarily by skipping notice and comment and reversing its own prior position in a single day. They weigh whether the case can win, and why the process may matter more than the outcome.

From there, the panel digs into Cboe’s prediction-style S&P 500 contracts headed to Schwab’s customers and the binary-option-versus-swap line. With a recent poll finding 43% of Americans believe AI could “literally end the human race,” Jessi argues crypto can’t afford to dismiss the people who become its juries, judges, and voters.

The conversation covers the CME lawsuit, prediction markets arriving on Wall Street, a viral $1 to $5 million crypto legal job, and the growing public backlash against AI.

Hosts:

    • Katherine Kirkpatrick Bos, Host of DEX in the City and General Counsel of StarkWare – https://x.com/kkirkbos
    • Jessi Brooks, Co-host of DEX in the City and General Counsel of Ribbit Capital
    • Vy Le – Co-host of DEX in the City and General Counsel of Veda