HPC Challenges CME's Standing in Lawsuit Against CFTC

The Hyperliquid Policy Center has filed an amicus brief in support of the Commodity Futures Trading Commission (CFTC) in its lawsuit against CME Group. The group argues that CME lacks standing to bring the lawsuit and cannot rely on Commodity Exchange Act provisions cited in its complaint.

HPC's first argument is that CME has not shown a competitive injury caused by the CFTC's decision, which allows every registered U.S. futures exchange to seek approval for comparable perpetual products. The group contends that this policy does not create a predictable economic disadvantage for CME and that its refusal to use the same route as an injury caused by the regulator.

CME wants the court to overturn the approval of Kalshi's Bitcoin perpetual futures contract, but HPC argues that the exchange is using the lawsuit to restrict product development in U.S. derivatives markets. The group also notes that CME remains free to list a similar instrument but has chosen to challenge another venue's approval.