CME Group · The Block
‘Much ado about nothing’: CFTC files to dismiss CME’s suit over crypto perpetual futures
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The Commodity Futures Trading Commission asked a U.S. federal court on Wednesday to throw out CME Group's lawsuit over the agency's approval of cryptocurrency perpetual futures.
Key facts
- On June 18, CME sued the CFTC over the agency's May 29 order approving Kalshi's bitcoin perpetual futures contract and its statement allowing other designated contract markets (DCMs) to list similar
- In a motion filed in the District Court of Columbia, the CFTC stated that the CME's case is "much ado about nothing," arguing that its claims of competitive injury lack legal standing and substance
- The CFTC argued CME's lawsuit to stifle innovation and competition "turns that purpose on its head
- In short, by authorizing Kalshi and others to enter the derivatives marketplace by listing similar cryptocurrency perpetuals as futures, the CFTC ushered new entrants into CME's retail futures
Summary
In a motion filed in the District Court of Columbia, the CFTC stated that the CME's case is "much ado about nothing," arguing that its claims of competitive injury lack legal standing and substance. On June 18, CME sued the CFTC over the agency's May 29 order approving Kalshi's bitcoin perpetual futures contract and its statement allowing other designated contract markets (DCMs) to list similar contracts as futures. "In short, by authorizing Kalshi and others to enter the derivatives marketplace by listing similar cryptocurrency perpetuals as futures, the CFTC ushered new entrants into CME's retail futures market that seek to compete with CME for retail customers," CME said in its complaint.