[Tax Classification Still Uncertain: Kalshi Bitcoin Perpetual Contracts Recognized as Futures by CFTC, CME Claims They Are Swaps] Odaily Planet Daily News: Bitcoin News posted on the X platform that after the CFTC approved Kalshi's Bitcoin perpetual contracts as futures products, there is uncertainty about how traders should report earnings to the IRS. If the product is classified as a regulated futures contract under Section 1256 of the U.S. Tax Code, the related earnings are typically treated as 60% long-term capital gains and 40% short-term capital gains, regardless of the holding period. CME argues that Kalshi's perpetual contracts are actually swaps, which are explicitly excluded from the scope of Section 1256. While the CFTC's classification supports the view that they are futures products, it does not bind the IRS. Until the IRS, U.S. Congress, or courts directly address Bitcoin perpetual contracts, their tax treatment remains uncertain.