Hyperliquid backs CFTC in futures case
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- Hyperliquid Policy Center has asked a US court to dismiss CME Group’s lawsuit against the CFTC.
- The case challenges US approval of perpetual futures for Kalshi and Coinbase.
- The ruling could affect how crypto perpetual futures are offered in the US.
Hyperliquid Policy Center has asked a US court to dismiss CME Group’s lawsuit against the CFTC.
CME filed the case after the CFTC approved perpetual futures for Kalshi and Coinbase in August.
“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,” said Elizabeth Prelogar, counsel for the Hyperliquid Policy Center.
CME argues that perpetual futures should be treated as swaps under US derivatives law.
The court has not yet ruled on CME’s case or the policy centre’s request.
Perpetual futures have no expiry date and let traders bet on price movements without owning the asset.
The case could affect Hyperliquid (CRYPTO:HYPE), which has built its platform around perpetual futures and may seek greater US access.
At the time of reporting, Hyperliquid price was $84.06.
