CFTC Seeks Dismissal of CME Crypto Futures Lawsuit

The U.S. Commodity Futures Trading Commission (CFTC) has asked a federal court to dismiss CME Group's lawsuit challenging the regulator's treatment of cryptocurrency perpetual contracts as futures.

CME argues that the CFTC's decision gives newer exchanges an unfair competitive advantage by allowing them to offer perpetual contracts under the futures framework, and says those products should instead face the rules applying to swaps.

The CFTC disputes this claim, saying that CME lacks standing because it can list comparable perpetual contracts on its exchange, and any disadvantage arising from CME's decision not to do so is 'self-inflicted.'