CFTC Seeks to Dismiss CME Lawsuit Over Crypto Perpetual Futures Approval

The Commodity Futures Trading Commission (CFTC) has asked a U.S. federal court to dismiss CME Group's lawsuit over the agency's approval of cryptocurrency perpetual futures.

Citing that CME's claims of competitive injury lack legal standing and substance, the CFTC described the case as 'much ado about nothing.'

The lawsuit stems from the CFTC's May 29 order approving Kalshi's bitcoin perpetual futures contract and its statement allowing other designated contract markets (DCMs) to list similar contracts as futures.

CME argued that such products should be classified as swaps under the Commodity Exchange Act and Dodd-Frank, and that the CFTC circumvented regulations to make the approval.