The US Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) have launched a 60-day public consultation on the revision of swap definitions and derivatives. The initiative aims to clarify rules for new products, such as open-ended futures and contracts in predictive markets, to adapt regulation to changing market structure and eliminate uncertainty in legislation.

The reform is taking place against a backdrop of fierce conflict with the CME Group. Previously, CME head Terrence Duffy threatened the court over the CFTC’s permission to launch perpetual futures by the Kalshi platform. The CFTC called a potential lawsuit "unfounded," accusing the exchange of trying to preserve its 92% monopoly and fight progress. This position was supported at Hyperliquid, noting that the perpetual futures were the first truly new product in a regulated US market in a decade. CFTC Chief Michael Selig and SEC Paul Atkins stressed that updating the rules would ensure fair competition and was long overdue.