CME suing CFTC isn't about killing crypto perps—it's about reclassifying them.

Wall Street knows perpetual futures can't be stopped. What they're really fighting for: shoving perps back into institutional-only frameworks and slowing retail access.

This is a battle for control over the next-gen derivatives gateway. The question isn't if perps go mainstream—it's who gets to set the rules when they do.

TL;DR: CME wants to gatekeep the onramp, not burn it down.