CFTC Seeks to Dismiss CME Lawsuit Over Crypto Perpetual Futures

The US Commodity Futures Trading Commission (CFTC) has filed a motion to dismiss a lawsuit brought by CME Group over the regulator's approval of cryptocurrency perpetual futures.

CME sued the CFTC in June after the agency approved Kalshi's Bitcoin perpetual futures contract and allowed other designated contract markets to list similar products as futures.

The CFTC argues that CME's claims of competitive harm lack both legal basis and substance, stating that the exchange is also able to list the same type of perpetual futures as Kalshi.

CME has publicly stated that its customers do not want the product, which the CFTC says any competitive harm stemmed from CME's own refusal to list perpetual futures.