Key facts
- CME Group intends to sue the CFTC over the approval of perpetual futures.
- CME CEO Terrence Duffy stated the lawsuit challenges the regulatory classification of these contracts.
- Duffy argues perpetual futures should be classified as swaps under the Dodd-Frank Act.
- The CFTC's approval of Kalshi's bitcoin perpetual futures in May allowed this asset class into the U.S. market.
- Duffy indicated the lawsuit has been in preparation for eight months.
- The lawsuit will be filed on Thursday.
CME Group plans to sue the Commodity Futures Trading Commission (CFTC) over the regulator's recent approval of perpetual crypto futures. CME CEO Terrence Duffy stated that the exchange operator has been preparing the litigation for eight months, arguing that these contracts should be classified as swaps under the Dodd-Frank Act rather than futures.