TD Cowen

The CFTC is asking a federal court to reject CME Group’s challenge to its new approach to perpetual futures, arguing the exchange operator has not shown actual harm. The dispute could shape how bitcoin perpetual contracts are treated in the U.S. market.

TD Cowen expects limited near-term adoption of tokenized stocks in the U.S. even after the SEC created a five-year framework for qualifying venues. The bank sees perpetual futures as the stronger demand story for crypto-linked stock exposure, citing far higher activity than tokenized spot products.

The Digital Asset Market Clarity Act is heading toward a difficult opening Senate vote as Republicans and Democrats remain divided over the bill’s latest language. Crypto industry groups are urging lawmakers to keep negotiations alive, while policy analysts warn the path forward is narrow.