CME Group filed a lawsuit against the Commodity Futures Trading Commission alleging it should not have approved Kalshi's
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Key facts
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
Perps are a novel product though, one that is not necessarily considered in the actual Dodd-Frank Act that CME points to through its lawsuit
CME's lawsuit is alleging procedural issues, saying how the CFTC went about its approval of Kalshi's perps violated Dodd-Frank and risk harming the company
In an email, former Starkware General Counsel Katherine Kirkpatrick Bos said, "Future is not defined anywhere, whereas swap was defined by Dodd-Frank
Summary
CME Group filed a lawsuit against the Commodity Futures Trading Commission alleging it should not have approved Kalshi's perpetual futures contracts the way it did and asking a court to vacate the approval and self-certified products. CME Group sued the CFTC on Thursday, alleging the agency did not properly consider prediction market provider Kalshi's application to list perpetual futures contracts before granting the application. It is, not to put too fine a point on it, somewhat unusual for a company as established as CME to sue its primary regulator. CME is arguing that perps are harmful to its long-dated futures products.