Hyperliquid Policy Center Challenges CME Group's Lawsuit Against CFTC

The Hyperliquid Policy Center has challenged CME Group's lawsuit against the Commodity Futures Trading Commission (CFTC), arguing that the derivatives exchange lacks standing to bring the case. The HPC, an advocacy group with ties to the Hyperliquid Foundation, submitted an amicus brief in support of the CFTC.

HPC argues that CME has not shown a competitive injury caused by the CFTC's decision and that its commercial interests fall outside the relevant Commodity Exchange Act protections. The exchange wants the court to overturn the approval of Kalshi's Bitcoin perpetual futures contract, which was approved in May.

The CFTC has also requested dismissal, with CME due to respond by October 2. HPC claims that CME is using the lawsuit to restrict product development in U.S. derivatives markets and that it remains free to list a similar instrument but has chosen to challenge another venue's approval.