CoinDesk (@CoinDesk): "These aren't just labels. They are categorizations of financial instruments that actually determine who can trade these products, how your money's pr…
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"These aren't just labels. They are categorizations of financial instruments that actually determine who can trade these products, how your money's protected, what taxes you pay." This week on @CoinDesk's Policy Protocol, @JohnLothian and Kalshi's @udeshjha debate whether crypto perpetuals are futures or swaps with @RebeccaRettig1 and @renato_mariotti. Chapters/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