Are Crypto Perpetuals Futures or Swaps? Kalshi vs. John Lothian

CoinDesk's The Policy Protocol hosts Rebecca Rettig and Renato Mariotti unpack the CFTC's 267-page proposed rule-making around prediction markets and event contracts, plus the letter from crypto CEOs backing the BRCA. And, a debate between John Lothian and Udesh Jha, Head of Exchange Analytics at Kalshi, over whether crypto perpetuals are properly classified as futures or swaps.

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Read more from Ari Redbord about the mixer indictment under 1956: https://www.linkedin.com/posts/ari-redbord_in-the-midst-of-debate-around-clarity-activity-7470924721635794944-8yUy?utm_source=share&utm_medium=member_ios&rcm=ACoAADHl20UBUd56sB8eTJ0w5gv3WIBQo2eJ6f0

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Timecodes:

00:00 Welcome to The Policy Protocol

01:10 CFTC's 267-Page Prediction Markets Rule

03:10 60+ CEOs Back the BRCA

05:30 The Perpetuals Debate

07:43 John Lothian's Case: Do Perpetuals Look Like Swaps?

09:45 Kalshi's Udesh Jha on Funding Rates and Cost of Carry

12:43 Would Swap Status Shut Out Retail?

16:45 Is Kalshi Making the Rules Up?

19:25 John's Closing: Market Manipulation Concerns

20:46 Udesh's Closing: 'Regulation First'

23:29 Person of the Week: State Regulators

23:38 Illinois' Digital Asset Trading Tax

24:20 NY DFS Aligns With Genius