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:
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- Laura Shin – Founder, CEO and Host of Unchained
Guests:
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- Cathy Yoon – General Counsel of Temporal
- Tiffany J. Smith – Partner at WilmerHale and Co-Chair of its Blockchain & Cryptocurrency Working Group
- Jake Chervinsky – CEO of Hyperliquid Policy Center
This clip is from a longer conversation recorded at the Real-World Asset Summit Brooklyn 2026 on how perpetual futures get regulated in the US. Full episode here.
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