CME Says It Will Sue the CFTC Over Perpetual Futures | CoinDesk Daily

**Jennifer Sanasie** (0:00)
CME is suing the CFTC, and Illinois just slapped a new tax on crypto. This is CoinDesk Daily.
CME CEO Terrence Duffy says the exchange will sue the CFTC over its approval of perpetual futures earlier this month. Duffy argues the CFTC green light for Kalshi's perps violates the Dodd-Frank Act. He says when two parties exchange payments with each other, that's legally a swap, which carries entirely different requirements. The crypto industry is pushing back against a new Illinois law that taxes digital asset transactions. The measure adds a 0.2% tax on exchanging, transferring or storing crypto on behalf of customers. It hits firms doing at least $100,000 worth of business with Illinois residents and is expected to raise around $60 million.
Critics say it unfairly singles out crypto as there's no comparable state tax on trading stocks or bonds. And Fidelity is the latest Wall Street firm racing to manage the reserves that back stablecoins. The asset manager is launching the Fidelity Reserves Digital Fund, a money market fund built for stablecoin issuers under the Genius Act's reserve rules. Stablecoins are already a roughly $310 billion market and industry forecasts see the sector hitting $4 trillion by 2030 Get more updates on coindesk.com.