CFTC Seeks Dismissal of CME’s Lawsuit Over Crypto Perpetual Futures
- The Commodity Futures Trading Commission (CFTC) requested a federal judge dismiss the Chicago Mercantile Exchange’s (CME) lawsuit regarding crypto perpetual futures.
- The CFTC argued that CME did not demonstrate financial harm or increased competition due to the approval of these contracts.
- Kalshi’s Bitcoin perpetual contract was approved by the CFTC on May 29, marking its entry into the regulated U.S. market.
- Kalshi plans to certify contracts for additional altcoins, including Ethereum, XRP, Solana, and Dogecoin.
- CME’s trading volume in August surpassed May figures for Bitcoin and Ethereum futures, contradicting claims of competitive injury.
The CFTC contends that CME has no grounds for its lawsuit as it hasn’t suffered financial harm from the agency’s decision to approve Kalshi’s Bitcoin perpetual contract as a future rather than a swap. The court has yet to rule on the motion, leaving the proposed order unsigned.
