CFTC Dismisses CME Lawsuit Over Kalshi Bitcoin Perpetual Futures
The Commodity Futures Trading Commission (CFTC) has responded to a lawsuit filed by Chicago Mercantile Exchange Inc. (CME), asking a federal court to dismiss the case. The CFTC argues that CME lacks legal standing and that its claimed injuries are 'entirely self-inflicted.'
CME had challenged the agency's approval of Bitcoin perpetual futures listed by KalshiEX LLC, claiming it could erode its crypto futures revenue. However, the CFTC points out that CME's own volume rose after the Commission issued the Order, and that CME has publicly stated its customers are not demanding perpetual futures.
The CFTC further argues that CME falls outside the 'zone of interests' of the Commodity Exchange Act (CEA), which aims to create a national system of futures markets with a national regulator and self-regulatory structure. The agency claims that CME's lawsuit seeks to use the CEA to protect its business from a competitor's classification decisions and stifle innovation.