CFTC Seeks Dismissal of CME Lawsuit Over Kalshi's Bitcoin Perpetual Futures

The Commodity Futures Trading Commission (CFTC) has filed a motion to dismiss CME Group's lawsuit against Kalshi's Bitcoin perpetual futures. The CFTC argues that CME cannot prove any actual competitive injury from the contract's approval. In its filing, the CFTC also rejects CME's claim that Kalshi's futures are swaps under the Commodity Exchange Act.

The CFTC notes that despite CME's concerns about competition, its own cryptocurrency futures trading has grown since the approval of Kalshi's contract. This growth is a key point in the CFTC's argument against CME's lawsuit. A court hearing on the case is scheduled for October 2.

The outcome of this case could have significant implications for how U.S. regulators oversee crypto perpetual futures going forward. The CFTC's motion to dismiss suggests that it may not view CME's claims as a serious threat to competition in the market.