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CFTC seeks dismissal of CME crypto lawsuit
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CFTC seeks dismissal of CME crypto lawsuit

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  • The CFTC has asked a US court to dismiss CME Group’s lawsuit over crypto perpetual futures.
  • CME argues the products should be classified as swaps, while the CFTC says they can qualify as futures.
  • The case could affect how US exchanges offer cryptocurrency perpetual contracts.

The Commodity Futures Trading Commission has asked a US court to dismiss CME Group’s lawsuit over crypto perpetual futures.

CME sued the CFTC in June after the agency approved Kalshi’s Bitcoin perpetual futures contract.

The CFTC said CME lacks a valid claim because it can list similar perpetual futures itself.

CME argues that cryptocurrency perpetual contracts should instead be treated as swaps under US commodities law.

The CFTC said CME’s own data showed its Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) futures volumes rose after the agency approved Kalshi’s contract.

The agency also argued that CME could offer similar products even if the court changed their legal classification.

The CFTC has requested an oral hearing, while CME’s response to the dismissal motion is due October 2.

At the time of reporting, Bitcoin price was $77,887.49.

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