U.S. CFTC rebuffs CME legal stance in consequential fight over perpetual futures
Summary
The CFTC asked a federal court to dismiss CME Group’s challenge to its move allowing U.S. bitcoin perpetual futures, arguing CME has not shown imminent financial harm or increased competition. The agency noted CME’s crypto futures volume has risen and cited the company’s public statements that it sees little demand for perps and considers them unlike its products. CME argues perpetual contracts, which lack expiration dates, should be regulated as swaps rather than futures. A policy analyst said CME may still have a case, while warning that rapid perp-market growth during the litigation could make reversal difficult if CME wins.
