The crypto industry is closely watching a lawsuit between CME and the CFTC that could shape the future of innovation in U.S. derivatives markets. We break down what's at stake for perpetual futures and other crypto-native products with Hyperliquid Strategies CEO David Schamis and 250 Digital CEO Chris Perkins. Plus, a new coalition backed by some of Wall Street's biggest names is pushing to modernize the regulatory framework for tokenized markets. Chris Hayes, Executive Director of the Coalition for Tokenized Markets, joins us to discuss the policy changes still needed to make the U.S. a global leader in tokenization.