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Hyperliquid Policy Center backs CFTC in perpetual futures lawsuit
The amicus brief warns CME’s challenge could trigger more litigation over any CFTC-approved futures product.
The Hyperliquid Policy Center has filed an amicus brief supporting the U.S. Commodity Futures Trading Commission in its dispute with CME Group over whether perpetual futures should be allowed to trade in the United States, according to The Block.
The brief argues CME is trying to slow innovation by pursuing a legal theory that would let incumbent exchanges claim injury whenever regulators permit a new product. It warns that if CME prevails, other market participants could file similar lawsuits over CFTC approvals, potentially slowing the pace of progress in U.S. futures markets.
Perpetual futures are described as futures contracts with no expiration date, used in crypto derivatives trading to bet on asset price movements without directly owning the underlying asset. The Block notes they have grown in popularity in the decentralized exchange ecosystem, including Hyperliquid.
The Block also reports that the CFTC approved its first perpetual futures for Kalshi and Coinbase last month, and that the dispute follows CME’s lawsuit against the agency filed in June. The policy center’s filing includes representation by Elizabeth Prelogar, who previously served as U.S. Solicitor General during the Biden administration from 2021 to 2025.