The infighting between two top establishment players is actually an interesting bullish signal. On June 18, the Chicago Mercantile Exchange (CME) officially filed a lawsuit against the U.S. Commodity Futures Trading Commission (CFTC) in the Washington, D.C. District Court, directly targeting the CFTC's prior decision to approve the prediction market platform Kalshi's launch of Bitcoin perpetual futures contracts (BTCPERP). U.S. regulators have never previously allowed domestically compliant Perp products. Perpetual contracts have always been the absolute cash cow for offshore crypto exchanges. The CFTC is attempting to pave a compliant path for domestic perpetual contracts in the digital commodities space. However, the emergence of domestically compliant Perps could deliver a disruptive blow to CME's traditional physically settled futures. It's becoming increasingly obvious that traditional financial giants are eyeing the core tools of crypto natives. The battle over the crypto-native derivatives pie is likely to continue for some time.