CFTC Moves to Dismiss CME Lawsuit Over Perpetual Futures

The U.S. Commodity Futures Trading Commission has asked a federal court to dismiss a lawsuit filed by CME Group challenging the regulator’s treatment of cryptocurrency perpetual futures as swaps. In a Wednesday filing with the U.S. District Court for the District of Columbia, lawyers for the CFTC and Chair Michael Selig argued that CME lacked standing because the exchange had not demonstrated a plausible financial injury.

CME filed the complaint in June after the CFTC approved Bitcoin-linked perpetual futures contracts for Kalshi and issued a no-action position covering similar products on Coinbase. CME argued that Selig acted unilaterally without the commission’s full five-member panel and that classifying products called “futures” as expiring “swaps” conflicted with the Commodity Exchange Act.

The CFTC countered that any CFTC-registered exchange could list perpetual futures tied to digital assets, meaning CME could offer the same type of product. Commission lawyers called the case “much ado about nothing” and maintained that CME had neither alleged nor could plausibly show that the regulatory actions caused it financial harm.

A CFTC spokesperson previously described CME’s complaint as “frivolous” and its legal strategy as “lawfare.” The commission requested an oral hearing on the motion, but no hearing had been scheduled on the public docket as of Thursday.