The CFTC is standing firm against CME’s lawsuit, arguing that approving crypto perpetual futures doesn’t hurt CME because any exchange — including CME — can still offer similar products. The agency even notes CME’s own customers aren’t demanding these contracts, implying any competitive edge lost was self-made. The CFTC insists reclassifying the contracts won’t fix CME’s alleged harm since rivals can still trade them as swaps, and that CME’s anti-competitive stance contradicts the spirit of the Commodity Exchange Act. This legal tug-of-war began in June after the CFTC greenlit Kalshi’s perpetual Bitcoin futures — contracts without expiration dates that use funding rates to track spot prices — which CME claims are actually swaps, not futures. A judge recently denied the CFTC’s request to delay releasing key documents, saying they might prove CME’s case for competitive injury, and ordered both sides to submit arguments by early September. The battle rages on as regulators and exchanges clash over how digital asset derivatives should be classified and regulated.
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