Key facts
- CME Group is suing the CFTC to overturn its May 2026 approval of US-listed crypto perpetual futures.
- A group representing Cboe Global Markets and Citadel Securities sued to reverse the CFTC's equity perp approval.
- Exchanges argue perps meet the Dodd-Frank Act's definition of a swap, which carries tougher margin and capital rules.
- The CFTC has said perps have futures-like features and their funding mechanism substitutes for expiration.
- CryptoQuant data put crypto perps trading volume at $61.7 trillion in 2025, up 29% from 2024.
- CFTC Chair Michael Selig has said US oversight of the market is important to protect American investors.
CME Group is suing the Commodity Futures Trading Commission to overturn the regulator's May 2026 decision to formally approve US-listed crypto perpetual futures, Reuters reported on November 9, 2026. Perpetual futures, known as perps, trade around the clock and do not expire, letting investors hold positions indefinitely. They are usually leveraged, sometimes by as much as 50 times, and are predominantly traded by retail investors.
A group representing Cboe Global Markets and Citadel Securities also sued after the CFTC approved single-stock equity perps, seeking to reverse that approval on the same grounds. CME argues the CFTC wrongly classified perps as futures, creating unfair competition and downplaying their risks. The CFTC declined to comment on the concerns raised in the interviews and has previously said CME chose "lawfare" over competing in the new market.
Executives at incumbent exchanges, trading firms, asset managers and market-structure providers told Reuters that improperly regulated perps and 24-hour trading could disrupt market structure and erode risk-management safeguards bolstered after the 2007-09 financial crisis. They argue the products are more akin to swaps, which face tougher margin, capital and reporting requirements and are generally less accessible to retail investors. Because perps do not expire and involve ongoing funding payments between counterparties, they meet the 2010 Dodd-Frank Act's definition of a swap, the exchanges say.
"I think they've muddied the waters here significantly," said Terry Duffy, CME's chief executive. "Anytime you have ambiguity in markets ... that could hurt the business." Rob Hocking, global head of derivatives at Cboe, said: "The industry is at an inflection point where product classification risks becoming a competitive tool," adding that there needs to be a resolution in short order.