{"id":4658,"date":"2026-06-18T17:00:26","date_gmt":"2026-06-18T16:00:26","guid":{"rendered":"https:\/\/kriptoblog.hu\/?p=4658"},"modified":"2026-07-11T12:11:51","modified_gmt":"2026-07-11T11:11:51","slug":"cme-cftc-kalshi-perpetual-futures-onshore-kripto","status":"publish","type":"post","link":"https:\/\/kriptoblog.hu\/en\/cme-cftc-kalshi-perpetual-futures-onshore-kripto\/","title":{"rendered":"CME kontra CFTC: a Kalshi perpetual futures \u00e9s az onshore kriptoderivat\u00edv\u00e1k hat\u00e1rvit\u00e1ja"},"content":{"rendered":"<trp-tag data-no-translation><\/p>\n<h2>In Short<\/h2>\n<p>The U.S. onshore version of perpetual futures is not just a new trading product. It is a regulatory battlefield. The question sounds simple but has major consequences: is a no-expiry, funding-based instrument a future, a swap or something new?<\/p>\n<p>The CME-CFTC dispute therefore goes beyond Kalshi. It is about who gets to build the next institutional layer of U.S. crypto derivatives.<\/p>\n<h2>Why Classification Matters<\/h2>\n<p>Futures and swaps can receive different regulatory, tax, margin and reporting treatment. If a product behaves economically like a swap but enters the market as a future, legacy players may see a regulatory shortcut or competitive advantage.<\/p>\n<p>The CFTC issued a policy statement on perpetual contracts in May 2026, but the legal fight shows the industry still disagrees on where the product belongs.<\/p>\n<h2>A Market Position Fight<\/h2>\n<p>Traditional derivatives exchanges rely on licensed infrastructure and institutional trust. New entrants bring faster product innovation, but they challenge the old market map.<\/p>\n<p>This is not dry legal plumbing. It is a business position fight: who can offer crypto perpetual exposure to U.S. customers, under which rules and with which capital standards?<\/p>\n<h2>KriptoBlog.hu View<\/h2>\n<p>An onshore perpetual market could be a major step for crypto, but only if product design, margin logic and user protection move beyond offshore habits. A regulated market is not just a new label. It is a higher responsibility standard.<\/p>\n<p>The next question is not who is louder, but whether classification creates a stable base for institutional and retail use.<\/p>\n<h2>Sources<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/pr-9242-26\" target=\"_blank\" rel=\"noopener\">CFTC policy statement<\/a><\/li>\n<li><a href=\"https:\/\/www.dechert.com\/knowledge\/onpoint\/2026\/6\/addendum-to-perpetual-contracts.html\" target=\"_blank\" rel=\"noopener\">Dechert legal analysis<\/a><\/li>\n<li><a href=\"https:\/\/finance.yahoo.com\/markets\/crypto\/articles\/cme-sue-cftc-over-bitcoin-112005963.html\" target=\"_blank\" rel=\"noopener\">Yahoo Finance: CME\/CFTC dispute<\/a><\/li>\n<\/ul>\n<p><em>Not financial or legal advice.<\/em><\/p>\n<p><\/trp-tag>","protected":false},"excerpt":{"rendered":"<p>A CME \u00e9s a CFTC k\u00f6z\u00f6tti perpetual futures vita arr\u00f3l sz\u00f3l, hogy a lej\u00e1rat n\u00e9lk\u00fcli kriptoderivat\u00edv\u00e1k futuresnek, swapnak vagy \u00faj hibrid kateg\u00f3ri\u00e1nak sz\u00e1m\u00edtsanak az Egyes\u00fclt \u00c1llamokban.<\/p>","protected":false},"author":1,"featured_media":4965,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,705,99,12],"tags":[868,867,454,870,823,869],"class_list":["post-4658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kereskedes","category-kripto-es-fintech","category-szabalyozas","category-tozsde","tag-cftc","tag-cme","tag-kalshi","tag-kripto-derivativak","tag-kriptoblog-hu","tag-perpetual-futures"],"_links":{"self":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/4658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/comments?post=4658"}],"version-history":[{"count":2,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/4658\/revisions"}],"predecessor-version":[{"id":5042,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/4658\/revisions\/5042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/media\/4965"}],"wp:attachment":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/media?parent=4658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/categories?post=4658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/tags?post=4658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}