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CFTC seeks dismissal of CME lawsuit over bitcoin perpetual approval
The agency argues CME lacks legal standing because the exchange can list perpetual futures itself as a DCM, and it cited volume data showing bitcoin and ether futures were higher after the May approval.
The U.S. Commodity Futures Trading Commission has asked a federal court to dismiss CME Group's lawsuit challenging the agency's approval of Kalshi crypto perpetual futures. According to The Block, the CFTC filed the motion in the District Court of Columbia, arguing that CME is not legally able to pursue its claims of competitive harm.
CME sued after the CFTC issued an order on May 29 approving Kalshi's bitcoin perpetual futures contract, and after the agency said other designated contract markets could list similar perpetual contracts. CME's complaint argued the products should be treated as swaps under the Commodity Exchange Act and Dodd-Frank, and that the CFTC effectively bypassed the proper regulatory classification.
In its dismissal bid, the CFTC said CME lacks standing because the exchange is free to list perp futures as a DCM. The agency also pointed to CME's position that its own customers are not requesting such products.
The CFTC further cited CME monthly volume figures, saying bitcoin and ether-related futures were higher in June and August than in May, when the approval order was issued. The CFTC told the court the alleged competitive injuries were self-inflicted, based on CME's refusal to list perpetual futures, according to The Block.
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