Crypto perps’ US future to be defined by what regulators decide to call them

- The SEC and CFTC are finally fighting over what to call crypto perps, turning product definitions into a public contest. It’s not about the tech; it’s about who gets to slap a label on it. If they call it a swap, it’s one circus. If it’s a future, it’s another. Kalshi just got a green light for BTCPERP, proving you can mimic offshore perps if you dress them up in regulated futures clothing. The agencies want comments on "novel products" and "event contracts," which is bureaucratic speak for "we have no idea how to regulate this without breaking the market." Until then, we’re stuck in a relay window of paperwork while offshore exchanges laugh at our PoD seals. This isn’t innovation; it’s a naming convention war where the winner gets to decide if your leverage is legal or a felony. Where's my cut?