CME has filed a lawsuit against the U.S. Commodity Futures Trading Commission (CFTC), challenging the regulator’s approval of crypto-related “perpetual” futures contracts offered through Kalshi and Coinbase, according to reports. CME argues that the CFTC’s allowance of these products violates applicable law and is not consistent with the regulatory framework governing derivatives contracts in the United States. The dispute centers on whether perpetual futures on digital currencies can be approved under existing rules and oversight for futures and derivatives markets.
The exchanges’ positions differ: CME contends that the CFTC’s actions are unlawful, while the regulator’s decision—covering the approval of the perpetual contracts—reflects its view that the offerings can be permitted within the agency’s authority. The reports indicate that CME is seeking legal relief from the CFTC’s approval decisions, setting up a test of how U.S. derivatives rules apply to perpetual crypto futures. The case is reported as ongoing, with outcomes depending on the court’s assessment of the scope of CFTC authority and the legality of the approval process.
