CME Group says it will sue the U.S. Commodity Futures Trading Commission (CFTC) over the regulator’s approval of crypto perpetual futures. Multiple outlets report that outgoing CME CEO Terry (Terrence) Duffy is asserting that perpetual futures should be classified as “swaps” under the Dodd-Frank Act, and therefore should not have been approved under the rules the CFTC applied. The dispute is presented as part of a broader fight over market structure in the fast-growing perpetual futures segment. Bloomberg reports the lawsuit follows Duffy’s announcement that he plans to step back early next year and frames the move as escalating competition between exchange and regulator in the cryptocurrency derivatives market. Other coverage, including CoinDesk, Decrypt, CNBC, and The Block, all tie the intended legal action to Duffy’s stated rationale that the product does not fit the legal framework used for its approval and that the classification as swaps would form the basis of the challenge. Sources also indicate the company plans to file the lawsuit soon, with some reporting it would be submitted as early as the day of the CEO’s comments.