CME Group sues CFTC over crypto perpetual futures
Summary
CME Group sued the CFTC and its chair in federal court, challenging the agency’s approval of crypto perpetual futures. The complaint targets CFTC actions that approved Bitcoin-linked perpetual futures for Kalshi and gave Coinbase a no-action position for similar products. CME argues the agency exceeded its authority under the Commodity Exchange Act by treating these products as swaps and by acting without a full five-member commission. CME says the rulings distort Congress’s framework, harm competition, and could destabilize derivatives markets. The CFTC called the suit “frivolous” and accused CME of using lawfare. The dispute comes as US regulators continue to weigh crypto perpetual futures and prediction-market products.
