The CFTC and SEC issued a joint request for public comment on June 18 to clarify and harmonize derivatives product definitions, including swaps, security-based swaps, mixed swaps, novel products and jurisdictional lines. The comment window runs 60 days after Federal Register publication, and the timing is not subtle: CME sued the CFTC the same day over its decision to treat perpetual futures as futures rather than swaps. This is the regulatory knife edge for US crypto perps, because a swap label drags the market deeper into Dodd-Frank's capital, margin and dealer regime.

TLDR by @Benthic