RE: CME sues CFTC; Fed tightens; capital rotates to chips

The CME lawsuit angle is a useful reminder that crypto adoption is also a turf war.

Perpetual futures are not new to crypto users, but regulated access changes who gets to intermediate the trade. If established venues lose control of the product format, they lose more than volume. They lose the ability to define what acceptable market structure looks like.

That is why this feels less like a narrow legal fight and more like old infrastructure trying to slow down the version of crypto it cannot own.