Are Crypto Perpetuals Futures or Swaps? Kalshi vs. John Lothian

About this episode

The episode discusses the classification of crypto perpetuals as futures or swaps, featuring a debate between John Lothian and Udesh Jha, alongside insights on CFTC regulations and prediction markets.

CoinDesk's The Policy Protocol hosts Rebecca Rettig and Renato Mariotti unpack the CFTC's 267-page proposed rule-making around prediction markets and event contracts, plus the letter from crypto CEOs backing the BRCA. And, a debate between John Lothian and Udesh Jha, Head of Exchange Analytics at Kalshi, over whether crypto perpetuals are properly classified as futures or swaps. - Read more from Ari Redbord about the mixer indictment under 1956: https://www.linkedin.com/posts/ari-redbord_in-the-midst-of-debate-around-clarity-activity-7470924721635794944-8yUy?utm_source=share&utm_medium=member_ios&rcm=ACoAADHl20UBUd56sB8eTJ0w5gv3WIBQo2eJ6f0 - 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…

People in this episode

Hosts: Rebecca Rettig, Renato Mariotti

Guests: John Lothian, Udesh Jha

Topics covered

• crypto perpetuals
• futures vs swaps
• CFTC rule-making
• prediction markets
• event contracts
• market manipulation
• regulation

Keywords

• crypto
• perpetuals
• futures
• swaps
• CFTC
• prediction markets
• event contracts
• market manipulation
• regulation

Mentioned in this episode

Organizations: CFTC, Kalshi, BRCA, Illinois' Digital Asset Trading Tax, NY DFS

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