CFTC Called For the Dismissal of CME Group’s Lawsuit Over Crypto Perpetual Futures

• The CFTC asked a court to dismiss CME Group’s lawsuit challenging the approval of perpetual crypto futures in the U.S.
• The regulator said the exchange failed to prove it suffered harm from competition with Kalshi.
• The CFTC emphasized that CME can launch similar products itself.

The U.S. Commodity Futures Trading Commission (CFTC) asked a federal court to dismiss a lawsuit filed by CME Group, the operator of the Chicago Mercantile Exchange, challenging the regulator’s decision to allow trading in crypto perpetual futures. The Block reported this, citing court documents. 

In its motion, the CFTC said CME’s claims are “much ado about nothing.” The filing indicates the exchange failed to convincingly demonstrate harm from the emergence of a new competitor. Under the regulator’s view, CME, as a registered designated contract market (DCM), can also offer similar perpetual futures.

“Even if CME’s vague allegations of competitive harm have some basis, that harm is entirely self-inflicted because the company has refused to list perpetual futures,” the CFTC said.

The Commission also noted that CME’s bitcoin and Ethereum futures trading volumes in June and August were higher than in May — before the disputed decision. The regulator believes this further calls into question the exchange’s claims of competitive harm. 

Why CME Sued the CFTC

On May 29, 2026, the CFTC approved Kalshi’s BTCPERP contract, which is tied to the spot price of bitcoin. The regulator allowed the perpetual contract to be classified as a futures contract rather than a swap.

That same day, the Commission published a separate policy on listing such contracts, providing for the possibility of reviewing similar products for other asset classes as well.

Notably, within the first 24 hours after launch, trading volume in the contract on Kalshi exceeded $100 million, according to CNBC. Shortly after, the platform offered perpetual futures on other crypto assets as well. 

Over the week from August 23 to August 30, 2026, total trading volume in these contracts reached $4.7 billion. 

On June 18, CME Group filed a lawsuit against the CFTC and its chairman, Michael Selig. The company argues that perpetual contracts should be treated as swaps under the Commodity Exchange Act and the Dodd-Frank reforms, and that the regulator improperly classified them as futures. 

CME also said the decision gives Kalshi and other venues an unfair advantage in the fight for retail clients. 

The CFTC rejects this argument. In the commission’s view, even reclassifying futures as swaps would not eliminate CME’s alleged harm, because competitors would still be able to offer similar instruments, just under a different regime. The regulator also accused the exchange of trying to use the lawsuit to curb innovation and competition. 

The CFTC requested an oral hearing. CME’s response to the motion to dismiss is expected by October 2, 2026. 

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