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In Defense Of Entrepreneurs

In Defense Of Entrepreneurs

By Matthew J. Brouillette via RealClearPennsylvania,

Like clockwork, U.S. Sen. Elizabeth Warren (D-Massachusetts) is again finding America’s billionaires guilty by reason of existence, arguing the Elon Musks and Jeff Bezos of the world must donate more to the government via higher taxes.

Her premise is that the wealthy don’t pay their “fair share,” leaving the non-wealthy to suffer in a zero-sum game.

The problem is that Warren, and the many others in Congress like her, aren’t simply attacking the wealthy; they are attacking the foundation of America’s greatness – entrepreneurs.

Remember, “entrepreneurs” founded this great nation almost 250 years ago when they pledged their lives, the fortunes, and their sacred honor. Many of them were wealthy because they produced goods or services their fellow colonists voluntarily purchased.

Consider, for a moment, some of the wealthiest people in America: Elon Musk, Larry Page, Sergey Brin, Jeff Bezos, Larry Ellison, Michael Dell, and Mark Zuckerberg. Beyond eye-popping net worths, they, too, are entrepreneurs who have provided goods and services consumers voluntarily use every day.

And like entrepreneurs throughout American history, they have delivered transformative innovations employed not only across America but throughout the world.

Think about it: Did you Google something today? Have you ordered from Amazon recently? Did you log onto Instagram? The answer to at least one of these questions is probably, “Yes.”

And what of the millions of people employed by Google, Amazon, Tesla, SpaceX, Meta, Oracle, and other companies led by America’s most wealthy? Do their families benefit from the career opportunities created by these entrepreneurs? Of course they do.

These benefits can even turn into windfalls. For example, The Wall Street Journal recently reported that once SpaceX goes public, thousands of current and former employees – from engineers to baristas – will reap the sizeable reward.

Benefitting the greater good is not the purview only of ultra wealthy entrepreneurs. Just look at entrepreneurs in your community. The owner of your favorite restaurant. Or your barber. Or plumber.

You’ve undoubtedly relied on these folks for either critical or quality-of-life services. And their entrepreneurship has also created jobs and sustained families. In fact, these types of local businesses are often considered the engines of America’s Main Street economy – making our communities thrive, giving our neighborhoods unique character, and improving all of our lives.

And this doesn’t even touch on the philanthropic contributions entrepreneurs make. Who often sponsors local community events that raise funds for non-profit causes? The businesses founded and run by entrepreneurs. This isn’t coincidental.

A report by Fidelity Charitable on entrepreneurs as philanthropists found, “On average, the median annual gift for entrepreneurs is 50% higher than non-entrepreneurs.” Further, “Two-thirds of entrepreneurs volunteer two or more hours a month, compared with just more than half of non-entrepreneurs.”

You may wonder what this has to do with Ms. Warren’s white whale of wealth taxes.

In a word, everything.

For the difference between these local entrepreneurs and the targets of Warren’s ire is not one of type but simply degree.

The spirit of risk taking, innovation, ingenuity, and philanthropy characterizes entrepreneurs both famous and not.

And it shouldn’t need repeating – but it does – that the wealthy already pay a lion’s share of taxes, with the top 10% of earners paying more than 70% of all federal personal income taxes.

As we celebrate America’s 250th birthday, it only makes sense to recognize that entrepreneurs founded and built our great country into what we are today. And entrepreneurs will help us keep it.

Rather than demonizing entrepreneurs by arguing that shouldering 70% of taxes isn’t enough, we should acknowledge them and thank them for making America the leading innovator of the world – and for doing far more than their “fair share” to improve the lives and livelihoods of individuals of families across America.

Matthew J. Brouillette is president and CEO of Commonwealth Partners Chamber of Entrepreneurs and the author of You GOTTA win Pennsylvania! A call to entrepreneurs to save America.

Tyler Durden
Sat, 06/20/2026 – 22:10

Trump Reiterates Ukraine War Would Never Have Started If Russia Remained In G8, Blasts Obama

Trump Reiterates Ukraine War Would Never Have Started If Russia Remained In G8, Blasts Obama

This isn’t the first time that President Trump has said something like this, but he’s newly explained in a wide-ranging fresh interview with Axios published Friday his view that the ongoing war between Russia and Ukraine likely would likely have been averted if Russia had remained a member of the then-Group of Eight (G8).

“You probably wouldn’t have the war with Russia and Ukraine if they did,” Trump told the publication, referring to the decision to expel Moscow, making the group the G7.

The forum “would have been much better” had it maintained its original structure, with Russia included. He laid ultimate blame in the fresh remarks on former President Barack Obama. 

It was during the Obama administration, in 2014, that Washington pushed allies to expel Russia from the group of leading economies over its takeover of Crimea through a ‘popular referendum’.

Trump this week attended G7 Summit held in Evian-les-Bains, France. “They should have kept the G8. You probably wouldn’t have the war with Russia and Ukraine if they did, but Obama didn’t want Putin there,” Trump said.

via Associated Press

“It used to be the G8. (It) would have been much better if they kept that that way,” he added. Again, this is not the first time he’s articulated this view:

Trump has expressed this position before — in June 2025, he made a similar statement, blaming Obama and former Canadian Prime Minister Trudeau for Russia’s exclusion from the G8.

He’s long attacked Biden and the Democrats for setting the conditions for the war to start. But beginning a year ago he also started basically blaming everyone – from Zelensky to Putin to Biden.

“That’s a war that should have never been allowed to start and Biden could have stopped it and Zelensky could have stopped it and Putin should have never started it,” Trump said last year. “Everybody is to blame.”

Trump added at the time: “If Biden were competent and if Zelensky were competent, and I don’t know that he is, we had a rough session with this guy — he just kept asking for more and more.”

As for Putin, he has seemed to welcome this repeat rhetoric from Trump stating that Russia should belong to the G7/G8. Without doubt, Moscow would welcome an invitation back in.

Among Russia’s conditions for final peace settlement in Ukraine, a prospect which still seems a long way off, would be the lifting of US and EU sanctions, and readmittance to the global economy.

Tyler Durden
Sat, 06/20/2026 – 21:35

How It Took Nine Months To Remove One Illegal Alien From Voter Rolls

How It Took Nine Months To Remove One Illegal Alien From Voter Rolls

Submitted by Maryland Freedom Caucus,

Nine months after the Maryland Freedom Caucus exposed that a noncitizen with a final order of deportation had been registered to vote in Maryland, Ian Roberts has finally—and quietly—been removed from the state’s active voter registration list.

There was no press conference. No public announcement. No admission that anything had gone wrong.

The removal comes only after Roberts was convicted and sentenced on federal charges related to falsely claiming U.S. citizenship. For years, Roberts remained an active voter in Maryland despite being an illegal alien from Guyana who overstayed his student visa and despite having left the state more than a decade ago.

The timing raises an obvious question: if a criminal conviction was necessary before election officials would finally remove Roberts from the voter rolls, how many other ineligible registrations remain untouched?

The Roberts case placed Maryland into national news after the Maryland Freedom Caucus uncovered evidence that he was not only unlawfully present in the United States, but had also been registered to vote in Maryland.

Roberts was hardly an obscure figure. He served as superintendent of a large Iowa school district while simultaneously living under a final order of deportation. Yet somehow, despite years of scrutiny surrounding his immigration status, Maryland’s voter registration system never flagged him.

The most damning revelation emerged when unredacted voter registration applications obtained through pressure from two watchdog groups showed that Roberts had personally affirmed under penalty of perjury that he was a United States citizen.

That detail shattered one of the most common defenses offered by election officials whenever noncitizen registrations are discovered. For months, Maryland State Board of Elections Administrator Jared DeMarinis and other defenders of the system insisted that such registrations were accidental byproducts of bureaucratic processes.

The documents showed otherwise.

Roberts did not merely appear on the rolls due to an administrative error. He falsely claimed citizenship on a sworn government form. Nevertheless, he remained an active registered voter for years and continued receiving election mailings and ballots.

The broader significance of the case extends well beyond one individual.

Maryland officials routinely insist that noncitizen voting is virtually nonexistent and that existing safeguards are sufficient. Yet the Roberts case demonstrates how difficult it can be to remove even the most obvious ineligible registrant.

Here was a man who had not lived in Maryland in more than ten years. A man under a final order of deportation. A man who falsely claimed citizenship on voter registration forms. A man whose case received national media attention.

And still it took months of public pressure, investigative work, federal involvement, and ultimately a criminal conviction before Maryland election officials finally acted.

If this is how difficult it is to remove one of the most obvious examples imaginable, voters are left wondering how many less obvious cases remain hidden within the rolls.

The Maryland Freedom Caucus responded to the Roberts case by introducing the Secure the Vote Act of 2026, legislation designed to require documentary proof of citizenship for voter registration, strengthen voter identification requirements, and prevent future noncitizen registrations.

Predictably, the legislation was never allowed to advance. Like countless election-integrity measures before it, it was quietly buried in committee by legislative leadership unwilling to acknowledge the problem.

That leaves Congress with an increasingly important responsibility.

The SAVE America Act would establish nationwide citizenship verification requirements and close loopholes that currently allow noncitizens to access voter registration systems through self-attestation alone. While states like Maryland continue resisting reforms, federal action may be the only realistic path forward.

The Roberts case should serve as a warning.

Tyler Durden
Sat, 06/20/2026 – 21:00

China’s Caribbean Listening Post? Satellite Imagery Shows Cuba Spy Base Completed

China’s Caribbean Listening Post? Satellite Imagery Shows Cuba Spy Base Completed

The Center for Strategic and International Studies published a report using geospatial intelligence to show that construction of a circularly disposed antenna array in Cuba has been completed.

CSIS states the circularly disposed antenna array in Cuba, just 240 miles miles from Miami, Florida, could be used to monitor or intercept radio transmissions across a wide range of frequencies in the region.

The DC-based think tank added that the site may be linked to China and could be used to track sensitive U.S. military and communications activity across the Caribbean, the Gulf of America, and the southeastern U.S.

Here’s a section of the report:

At an expansive SIGINT site in Bejucal, near Havana, recent satellite imagery shows construction work completed on a new large circularly disposed antenna array (CDAA).

Over the last two years, an antenna field at the northeast end of the facility has been converted from a linear antenna grid to a CDAA. Imagery published by CSIS in April 2025 captured ongoing groundwork to lay cables between the antennas and the central control facility. Construction now appears to be complete and the facility has very likely begun operations.

The array of 32 antennas (19 outer and 13 inner) is larger and likely more capable than any Cuban CDAA previously observed by CSIS. CDAAs are primarily used for high-frequency direction finding, which involves intercepting and geolocating incoming radio transmissions over a wide range of frequencies.

From Bejucal’s location in Cuba’s northwest, the CDAA could improve the ability of Cuban authorities—or potentially their foreign partners—to monitor sensitive U.S. activities in the Caribbean and across the southeastern seaboard. U.S. naval and air operations in the region have escalated amid the Trump administration’s prioritization of the Western Hemisphere, increasing the potential value of monitoring U.S. movements in the Caribbean and the Gulf of Mexico.

CSIS cited a congressional testimony in 2005 that pointed out China’s activities in the Bejucal area:

The main Chinese electronic spy bases in Cuba are located to the northeast of Santiago de Cuba in the far east of the country and in the Bejucal area in the province of Havana, according to intelligence sources. The base of antennas in Santiago de Cuba is mainly dedicated to the capture of U.S. military satellite communications, meanwhile in Bejucal the Chinese have created a complex interception system of telephone communications. To disguise these activities, the official Chinese station, Radio China International is transmitting its programs from Havana to the United States and Latin America.

China’s activity in the Western Hemisphere was recently uncovered by a Select Committee’s investigation that found Beijing developed “an extensive network of dual-use space ground stations and telescopes across Latin America and uses this network to collect intelligence and boost the PLA’s warfighting capacity,” adding, “The investigation found at least eleven China-linked space facilities established across Argentina, Venezuela, Bolivia, Chile, and Brazil.”

The Trump administration’s campaign to purge China’s influence from the Western Hemisphere has intensified this year as part of a broader U.S. effort to reorder the political map of the Americas. After the collapse of the socialist Maduro regime in Venezuela, the Trump administration is increasingly focused on Cuba, where decades of communist rule have hollowed out the island’s economy and turned it into an island playground for U.S. adversaries. 

Tyler Durden
Sat, 06/20/2026 – 20:25

Democratic Socialist Mamdani Wants Democratic Party To Move Further Left Ahead Of 2028

Democratic Socialist Mamdani Wants Democratic Party To Move Further Left Ahead Of 2028

Authored by Chase Smith via The Epoch Times,

New York City Mayor Zohran Mamdani, a democratic socialist, issued one of his sharpest rebukes of the Democratic leadership Thursday night, saying that the party will lose the White House in 2028 if it does not fundamentally change course.

New York Mayor Zohran Mamdani (R) gestures on stage with U.S. Sen. Bernie Sanders (I-Vt.), during a Get Out The Vote rally ahead of New York’s primary election in the Brooklyn borough of New York on June 18, 2026. Ryan Murphy/AP Photo

“For far too long, our party has seen its job as managing decline instead of delivering material change for working people,” Mamdani told a crowd of thousands at Kings Theatre in Brooklyn, where he and Sen. Bernie Sanders (I-Vt.) headlined a get-out-the-vote rally for three progressive congressional candidates ahead of New York’s June 23 primaries.

That old way of thinking will lose on Tuesday. And frankly, it will lose in South Carolina and New Hampshire. It will fall short of 270 electoral votes,” the Democrat said, referring to the two early primary states in the presidential nominating process. “The Democratic Party must change.”

The 34-year-old is backing Darializa Avila Chevalier against Rep. Adriano Espaillat (D-N.Y.) in New York’s 13th Congressional District, former city Comptroller Brad Lander against Rep. Dan Goldman (D-N.Y.) in the 10th, and Assembly Member Claire Valdez in the open 7th. Early voting is underway through June 21.

House Democratic Leader Hakeem Jeffries (D-N.Y.) has endorsed Espaillat, telling Fox 5 New York on June 15 that he and Mamdani had “agreed to strongly disagree” over the race. New York Gov. Kathy Hochul also endorsed Espaillat and campaigned alongside Goldman.

Mamdani described the primaries as the opening act of a longer national fight. “When does the race for 2028 begin?” he said. “It starts now. It starts on Tuesday.”

He called on the party to offer “an affirmative agenda without apology” and to be “not just willing to stand up but also to stand for something” – drawing a contrast with what he called a politics that asks “working people to lower their expectations” and has “seen its job as explaining why we cannot instead of showing how we can.”

Sanders, who introduced Mamdani at the rally, echoed the critique.

“The politics and the policies of the democratic establishment are no longer good enough,” he said. “In this dangerous and unprecedented moment in American history, tinkering around the edges just won’t work.

The Vermont independent has been traveling the country rallying voters for progressive candidates ahead of the midterms, pointing to a string of recent primary wins from New Jersey to Ohio to Maine – as has ally and New York progressive Rep. Alexandria Ocasio-Cortez, a Democrat.

Sen. Cory Booker (D-N.J.), appearing on CNN Friday morning and responding to a clip of Mamdani’s remarks, did not push back on his critique.

Right now, the Democratic Party needs to be far less concerned about the Democratic Party and far more concerned with what people are struggling with,” Booker said, calling for “big, bold solutions” and a coalition built around issues rather than party identity.

The DNC did not return The Epoch Times’ request for comment by publication time.

Mayor Zohran Mamdani speaks during a Get Out The Vote rally ahead of New York’s primary election, Thursday, June 18, 2026, in the Brooklyn borough of New York. AP Photo/Ryan Murphy

Tyler Durden
Sat, 06/20/2026 – 19:50

“It’s That Bad”: Virginia Residents Battling Constant Noise From Data Center Generators

“It’s That Bad”: Virginia Residents Battling Constant Noise From Data Center Generators

For more than a year, residents living next to the Vantage Data Centers facility have endured what they describe as a constant, high-pitched whining or ringing sound coming from the site’s massive backup generators – the facility’s only source of electricity.

An aerial view of the Vantage data center in Sterling, Va., which abuts a residential neighborhood. (NewsNation)

Unlike most data centers connected to the power grid, this facility runs entirely on its own on-site power plant. What residents were told would be temporary generator testing has become permanent operation.

“They’re Just Never Turned Off”

Neighbor Hari Doue told News Nation that the community was initially assured the generators were only being tested for emergencies.

“We were told in the beginning that they test the generators to make sure they’re working in case of an emergency. And then as the year and the months have gone on, they’re just never turned off,” Doue said. 

Another neighbor, Greg Pirio, has reached out to attorneys over the issue. He described the impact bluntly:

“You just hear this noise, it’s just like, you just want to curse, you know, it’s that bad.”

Some residents have taken drastic steps to cope. One placed a mattress against their window to muffle the sound. Another installed plexiglass and began monitoring decibel levels with a sound meter. Concerns center on sleep disruption, stress, and falling property values.

Vantage Data Centers officials told NewsNation they continue to monitor noise levels and do not believe the sound exceeds Loudoun County’s limits – which is 55 decibels in Residential and rural areas and 60 decibels in Mixed-use residential areas. Exceptions include generators operating during emergencies, at utility request, or during testing.

Virginia: America’s Data Center Capital

Virginia has the largest concentration of data centers in the United States – 287 operational and 398 prospective, according to Pew Research. Loudoun County has become ground zero for this boom, often called “Data Center Alley.”

The economic upside is significant. Data centers generate almost half of Loudoun County’s property tax revenues, funding schools and public services while helping keep residential tax rates lower.

However, the facilities consumed approximately 26% of Virginia’s total electricity in 2023, contributing to higher energy costs for all residents.

The situation in Sterling reflects a broader national tension. On June 18, 2026, the Federal Energy Regulatory Commission issued show-cause orders requiring major grid operators to justify or update rules for connecting large energy users such as data centers.

President Trump has encouraged data center developers to build dedicated on-site power sources – the exact model used by Vantage in Sterling – to protect regular utility customers from rate hikes.

Residents near the Vantage site acknowledge the benefits of data centers, including jobs, tax revenue, and essential digital infrastructure, but strongly object to their placement directly next to homes.

“Do everything in your power to try and stop it from being built in an area that has any residential properties within 10 or 15 miles of it,” said Doue. 

Tyler Durden
Sat, 06/20/2026 – 19:15

NY Pride Group Disbands After Drag Queen Founder – A School Board Member – Arrested On Child Sexting Charges

NY Pride Group Disbands After Drag Queen Founder – A School Board Member – Arrested On Child Sexting Charges

A New York LGBTQ+ advocacy group has canceled a scheduled pride parade and disbanded after its founder was arrested on child-sexting charges

Travis J. Longo, 46, of Cazenovia – a drag queen and a member of the Cazenovia School District Board of Education (of course), was arrested on Thursday and charged with four counts of endangering the welfare of a child after allegedly sending sexually explicit communications to a child under the age of 12. 

In a now-deleted Facebook post, the group Longo founded, Cazenova Pride Inc., announced that it is “canceling this year’s Pride Festival and all associated events, and we are dissolving as an organization.” 

“This decision follows serious criminal charges against Travis Longo, the founder of Cazenovia Pride Fest and a longtime figure in our organization,” the post continues. “Travis Longo has no further affiliation with Cazenovia Pride Inc.”

Longo, who reportedly performed as a drag queen under the name “Anita Buffem,” was listed as a “hostess” at the first Pride festival in Cazenovia in 2021, which was organized by Pride Cazenovia, “>The Blaze reports.

“We are deeply sorry for the pain and disappointment this causes our community,” the group’s statement concludes. “The years of support, love, and solidarity you have shown us have meant everything. Thank you.”

Tyler Durden
Sat, 06/20/2026 – 18:05

Banning Hospitals’ ‘Certain Contracts’ Could Save Americans $45 Billion, Report Finds

Banning Hospitals’ ‘Certain Contracts’ Could Save Americans $45 Billion, Report Finds

Authored by Travis Gillmore via The Epoch Times,

A ban on certain contracts between hospital systems and health insurers could save Americans around $45 billion, according to a report from White House analysts released on June 18.

Lenox Health Greenwich Village Hospital in Manhattan, New York City, on Nov. 2, 2020. Chung I Ho/The Epoch Times

“The Council of Economic Advisers’ findings reinforce that the Trump administration is delivering meaningful cost reductions for American patients,” White House spokeswoman Allison Schuster told The Epoch Times by email June 19, noting the president’s surgical approach to policy development that prioritizes fiscal discipline.

“By harnessing the use of free-market competition, President Trump has found a real solution to lowering costs instead of blindly throwing more taxpayer money at the problem.

Administration officials are exploring how best to manage hospital systems and insurers without relying on price controls or heavy-handed regulations.

At issue are three clauses, known as “anti-steering, anti-tiering, and all-or-nothing” contracts, which critics say shield healthcare providers from competition, thus increasing prices for consumers.

Anti-steering clauses block insurers from incentivizing or guiding clients toward cheaper options or providers, even when their data indicate clear savings potential.

Anti-tiering is used to stop insurers from categorizing hospital systems in less desirable benefit tiers that would reduce profit margins by forcing the providers to cover higher patient costs.

Bundled, also known as all-or-nothing, contracts require insurers to include all hospitals and physicians in a system, eliminating the option to negotiate independently.

Combined, the provisions result in more expensive healthcare, with higher rates, less efficiency, and limited insurance plan innovation due to reduced competition.

In markets where the clauses in question are widespread, a ban would lead to an 18 percent decline in hospital and physician prices, amounting to approximately $4,100 per inpatient admission, according to the report.

Premium prices would decline by about 7 percent, saving the average family about $1,800 annually, the report found, with aggregate reductions totaling about $45 billion and up to $63 billion.

Workers would benefit from higher take-home pay and lower out-of-pocket costs thanks to the reduced insurance costs. Small businesses and employers would also get relief with lower costs.

Analysts arrived at the numbers by calculating several variables, including the increased leverage insurers would gain while bargaining, with an expectation that prices would drop by about 8 percent as a result.

Allowing steering and tiering will improve patient management and shift care toward lower-cost providers, with transparencies helping reduce prices by about 4 percent, according to the report.

Free-market dynamics are expected to drive dynamic competition, with efficient, low-cost competitors helping further drive down costs by about 3 percent.

Proposed policies prioritize healthcare in rural areas, with bans aimed at lowering premiums while boosting independent rural hospitals.

Crackdowns are underway in the form of federal legal proceedings, with eyes on a national framework to codify the proposals.

“Thanks to the Trump administration’s crackdown on anti-steering, anti-tiering, and all-or-nothing contracts by hospitals, everyday Americans are directly benefitting from lower premium contributions and higher take-home wages,” Schuster said.

Congressional lawmakers are considering a similar course of action with the Healthy Competition for Better Care Act introduced by Rep. Jodey Arrington (R-Texas), which would outlaw the anti-competition clauses.

Some states, including Connecticut, Massachusetts, and Texas, prohibit certain clauses, though coverage and enforcement vary.

The report referenced two recent civil antitrust actions brought by the Department of Justice, one against OhioHealth filed in February and settled June 18, with no admission of wrongdoing and the hospital forbidden from using anticompetitive clauses.

“Providing affordable healthcare to Americans is uncontroversial and this Department of Justice will not tolerate corporate prioritization of revenue in contravention of our antitrust laws,” Associate Attorney General Stanley Woodward said in a statement.

A case against New York-Presbyterian Hospital, filed in March, is pending. Justice Department filings allege the hospital is insulated from price competition by contractual clauses, thus raising healthcare costs for New Yorkers.

A settlement with Sutter Health of Northern California from 2022 offers a successful precedent, according to the report, with the system agreeing to pay $575 million in fines and stop using the contractual clauses and succeeding in the aftermath of the agreement, later receiving recognition for its rural facilities.

Trump has repeatedly placed healthcare at the front of his second-term agenda, seeking to address the root causes of high medical costs, including with the release of TrumpRX.gov for prescription medicine at reduced prices.

He’s taken his message on the road around the country in recent weeks, highlighting his actions and plans to further address Americans’ healthcare cost burdens.

Tyler Durden
Sat, 06/20/2026 – 17:30

Why CME Is Really Suing The CFTC Over Perps

Why CME Is Really Suing The CFTC Over Perps

Authored by David Christopher via Bankless.com,

CME wants Kalshi’s Bitcoin perp reclassified as a swap, not banned. That distinction reveals what’s actually at stake in the CFTC lawsuit.

Yesterday, CME, the country’s dominant derivatives exchange, sued the CFTC over its recent approval of regulated crypto perpetual futures.

The exchange argues Kalshi’s  Bitcoin perp should be treated as a swap, not a futures contract, a classification shift that would push the product into a more restrictive, institution-facing rulebook. The CFTC called the suit “frivolous” and said it looks forward to dismissing it.

We’ve known for some time that major exchanges like CME and ICE have grown uneasy about the rise of perpetuals, an unease already visible in their push to have regulators scrutinize  Hyperliquid over manipulation, sanctions evasion, anything they can find.

Why? Because regulators have finally opened a compliant path for Americans to trade an entirely new class of derivatives, one whose financial efficiency threatens the effectively monopolistic business model of these incumbents.

The Label Is the Business Model

CME’s legal argument turns on a label.

If Kalshi’s Bitcoin perp is a futures contract, it can trade on a regulated futures exchange, where regular U.S. users can access it. If it is a swap, it falls into a heavier rulebook built largely for institutional derivatives, making it harder to launch, harder to distribute, and functionally out of reach for most retail traders.

That distinction sounds technical, and it echoes the same fight playing out over prediction markets, but the effect here is simple: whether perps will be accessible to retail users, or reserved primarily for institutional actors.

CME’s filing comes wrapped in safety language, but, as always, the motivation is financial. Perps threaten the part of CME’s business built around expiration.

A normal futures contract expires. To hold the same exposure, a trader has to roll into a new contract before it does. CME collects another round of trading and clearing fees on every roll, and that churn feeds the market data business it sells on top.

A perpetual future doesn’t expire. A trader holds the same position open indefinitely and settles periodic funding payments instead of rolling.

No roll means no recurring trade, and that breaks a rhythm CME’s business is built on. The market already understands the threat. When regulators opened the door to regulated U.S. perps, shares of CME, Cboe, and ICE fell as investors priced in real competition.

Why Perps Keep Gaining Ground

None of this makes perps harmless. They can involve leverage, liquidations, and funding costs that quietly eat into a position over time. CME CEO Terry Duffy is right that many retail traders don’t fully understand those risks, and the venues offering perps should do the work to make them clear.

But blocking regulated U.S. perps does not make demand disappear. It pushes Americans back offshore, where they get fewer disclosures, weaker oversight, and less protection when something breaks.

That is why the better answer is to regulate the instrument clearly: leverage limits, margin standards, and liquidation transparency.

Crypto is where this starts because the markets are already mature. That makes Bitcoin perps the easiest place for regulators to begin. But given the demand we’ve seen with HIP-3, it won’t be long before the model stretches to stocks, indices, and ETFs.

That is what makes CME’s lawsuit so revealing. The exchange is asking for a reclassification, not a ban. You do not do that to a product you think you can kill. If you can kill it, you kill it. If you can’t, you relocate it, cut it off to slow the bleed.

This is the history of crypto. A better technology emerges, users are drawn to its merits, incumbents call it dangerous, and the regulatory fight begins. Those fights have rarely decided whether the old model gets protected. They simply decide how long.

The Perpification has already begun, and all incumbents can hope to do is slow it down.

Tyler Durden
Sat, 06/20/2026 – 16:20

Agri Markets Hit By “Aggressive Positioning Washout” But Supply Risks Linger

Agri Markets Hit By “Aggressive Positioning Washout” But Supply Risks Linger

The Bloomberg Agriculture Spot Index has nearly reversed its US-Iran war gains in recent weeks, as sliding fertilizer and energy prices, along with an interim peace deal between Washington and Tehran, have reopened the Strait of Hormuz and initiated the normalization process.

Daryna Kovalska, a commodity strategist at BofA Global Research, told clients that, with agricultural markets having undergone an aggressive positioning washout, there is reason to believe the selloff in the corn market is overdone.

Kovalska pointed out that while improved US rains, easing geopolitical risks, and lower urea prices have stripped weather and war premiums from the market, her team believes risks have been deferred rather than eliminated. She remains constructive on corn, while trimming its 2026 upside target to $5.50 per bushel from $6.00.

More color here from her note titled Corn market cools, but risks simmer beneath“:

Ag markets hit by sharp spec long liquidation…

Agricultural markets have undergone an aggressive positioning washout, with net spec longs down 88% in three weeks. Corn hasn’t been spared: managed money flipped from decade-high longs to a net short by June 9, sending Dec 26 prices to a low of $4.4/bu.

…but we believe the corn selloff is overdone

Corn sentiment has softened, as geopolitical and weather risks have eased. But risks have not disappeared; rather, they look deferred and could still trigger a supply shock. We remain constructive, though, trimming our 2026 upside to $5.5/bu from $6.0/bu, supported by three key arguments.

1: Weather risk premium has been stripped out too early…

Improved US rains have eased weather risks in the corn market, but threats persist in certain states. Nebraska (12% of US production) remains in severe drought, with crop conditions 20% below average, while South Dakota and Kansas ratings (another 12% of output) are at risk of deteriorating without sustained rainfall.

…especially with an unprecedented El Nino unfolding

The Australian Bureau of Meteorology continues to warn of an historic El Niño event. Brazil’s corn output could be hit hard, declining 10% yoy in 2026/27E. Iowa state also shows a pattern of sharply depleted soil moisture during analogues.

2: Brazil fertilizer supply remains a concern

Urea prices have eased, but despite a potential US-Iran deal to be signed on June 19, the Strait of Hormuz still needs to be de-mined and resume operations, with timing critical as Brazil’s peak dispatch window approaches. Substitution efforts remain insufficient, with nitrogen imports still down 15% yoy, putting first crop corn yields at risk of a 10% decline if Gulf urea shipments do not restart before the end of July. Phosphate constraints are compounding risks to the new crop, which could fall 10 mn t yoy.

3: US-China $17bn deal could upend the market

The White House expects China to buy at least $17bn of US ags annually in 2026 (pro- rated) and 2027-28. Mirroring Phase One, we think US corn exports to China could surge from zero in 2025 to 5.5 mn t in 2026 and 16 mn t thereafter. While purchases have yet to begin, implementation would materially tighten the US corn market.

Kovalska provides her team’s view from macro to crude to softs:

Here’s her price forecasts across softs:

With the war-risk premium evaporating from agricultural markets, Kovalska believes that lingering risks around weather, fertilizer flows, El Niño, and Chinese demand could still combine to tighten global supply and push prices higher again.

Tyler Durden
Sat, 06/20/2026 – 15:45