(https://www.cnbc.com/2026/06/02/the-cftc-has-sparked-a-potential-revolution-on-wall-street-exchange-stocks-are-dropping.html) is being sold as a market structure innovation. What it actually is: the destruction of the regulatory moat that made $ICE and $CME untouchable for 20 years. Legacy exchanges charged monopoly rents because you *had* to go there. Now you don't.

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