CME Group · Joe Biden · Coinbase · The Block
Hyperliquid Policy Center backs CFTC in fight over perpetual futures, asks court to drop CME’s case
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The Hyperliquid Policy Center accused CME Group, the world’s largest derivatives marketplace, of stifling innovation and urged a court to dismiss the exchange’s lawsuit against the Commodity Futures Trading Commission.
Key facts
- In its brief, HPC, represented by Elizabeth Prelogar, who served as Solicitor General during the Biden administration from 2021 to 2025, says that the case could have broader consequences
- On Wednesday, HPC filed an amicus brief in the U.S. District Court for the District of Columbia supporting the CFTC after CME sued the federal agency in June over allowing perpetual futures to trade
- And it added no new competitors to the marketplace, because Kalshi has been a CFTC-regulated exchange since 2020
- The Hyperliquid Policy Center accused CME Group, the world’s largest derivatives marketplace, of stifling innovation and urged a court to dismiss the exchange’s lawsuit against the Commodity Futures
Summary
On Wednesday, HPC filed an amicus brief in the U.S. District Court for the District of Columbia supporting the CFTC after CME sued the federal agency in June over allowing perpetual futures to trade in the U.S. In its brief, HPC, represented by Elizabeth Prelogar, who served as Solicitor General during the Biden administration from 2021 to 2025, says that the case could have broader consequences. "Once a titan of innovation, CME now advances a novel theory of standing under which an incumbent exchange is injured whenever its regulator permits a new product that it chooses not to offer," Prelogar said. Perpetuals are a type of futures contract that don't have an expiration date and allow people to bet on asset price movements without owning the asset directly.