The next fight over crypto perpetual futures regulation is moving into a place built for lawyers, incumbents, startups, and public-interest groups: the agency comment file.

The Commodity Futures Trading Commission and Securities and Exchange Commission opened that process June 18, seeking public comment on how to further define swaps, security-based swaps, mixed swaps, novel products, event contracts, and possible alternative compliance approaches.

That makes SEC-CFTC product definitions a market-structure issue that extends beyond a single listing.

The joint request for comment turns the fight over crypto perpetuals and prediction-market products into a formal venue before the next wave of approvals reaches the same point.

The stakes are…