HPC Backs CFTC in Lawsuit Against CME Over Perpetual Futures
The Hyperliquid Policy Center (HPC) has filed an amicus brief in support of the Commodity Futures Trading Commission (CFTC) in a lawsuit against the Chicago Mercantile Exchange (CME).
The CME is suing the CFTC and its chairman, Michael Selig, over the commission's decision to allow perpetual futures contracts, known as BTCPERP, which are tied to the price of Bitcoin.
The HPC argues that the CME lacks standing in the lawsuit because it does not have a legitimate interest in the outcome. The center claims that the CFTC's actions are expanding market access and promoting competition, rather than splitting existing markets.
The HPC also notes that the CME is trying to block new entrants from participating in the market, which would be contrary to the purpose of the Commodity Exchange Act (CEA).