CME Group sues the U.S. derivatives regulator, the Commodity Futures Trading Commission (CFTC), arguing the agency acted unlawfully when it allowed crypto-style “perpetual” futures contracts. Multiple reports say the lawsuit targets the CFTC’s approval of Kalshi’s first U.S. perpetual futures product, which CME contends is inconsistent with the regulator’s rules and legal authority for derivatives markets. CME also alleges that the same approval framework affects other offerings, including those associated with Coinbase, according to outlet summaries.
The companies and regulator are positioned around how “perpetual” contracts are classified and supervised under U.S. derivatives law. CME’s complaint, as described by sources, centers on the legality of permitting perpetual futures linked to digital currencies. The CFTC has not been described in these summaries as conceding any wrongdoing, and specific legal arguments or court outcomes are not provided in the reports. The dispute is presented as a test of regulatory boundaries around crypto-adjacent derivatives products and how they are authorized for trading in the United States.
