Hyperliquid Policy Center Slams CME's Lawsuit Against CFTC

The Hyperliquid Policy Center (HPC), which has ties to the Hyperliquid Foundation, has filed an amicus brief urging the court to dismiss CME's lawsuit against the CFTC.

HPC cited two defects in the CME's lawsuit and alleged that the exchange is simply trying to block innovation in the futures market.

The HPC's brief notably follows the CFTC's filing last week, in which it also urged the court to dismiss the CME lawsuit. The regulator had argued that there was no plausible competitive injury to the CME, contrary to its claims.

The CME argues that perpetual contracts are swaps, not futures, and therefore the regulator went about the approval process incorrectly by not following the formal rulemaking process.