"The commodity markets are not for entertainment." Former CFTC Commissioner and SEC General Counsel Dan Berkovitz joins @RebeccaRettig1 and @renato_mariotti on this week's The Policy Protocol to break down the ‘economic purpose’ test for prediction markets and the CME–CFTC fight over perps. Plus, Jamie McDonald makes person of the week. Timecodes: 00:00 The Role of CFTC 00:25 Welcome to The Policy Protocol 00:44 The Record SpaceX IPO and Retail Demand 01:41 Synthetic SpaceX Perps on Hyperliquid 03:40 Terry Duffy Exits CME and Sues the CFTC 06:07 Dan Berkovitz Joins the Show 06:44 Can the SEC and CFTC Harmonize? 08:29 Are Perpetuals Swaps or Futures? 09:11 Prediction Markets and the 'Economic Purpose' Test 11:07 The ErisX Sports Betting Precedent 13:07 The Hurricane Hedging Counterargument 15:02 Why Crypto Couldn't 'Come In and Register' Before 17:28 Gary Gensler Is Back 20:27 Person of the Week: Jamie McDonald