TD Cowen policy analyst Jaret Seiberg stated in an October 19, 2026 note that CME Group may maintain a legal advantage regarding competitor standing and CME Group's swap classification argument

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.