The Chicago Mercantile Exchange (CME) Group said it was taking legal action against the US Commodity Futures Trading Commission (CFTC) over cryptocurrency perpetual futures.
In a Thursday filing in the US District Court for the District of Columbia, CME filed a complaint against the CFTC and its chair Michael Selig over the agency's regular approvals of perpetual futures tied to crypto. The lawsuit stemmed from a May 29 notice from the CFTC approving perpetual futures contracts tied to the spot price of Bitcoin (BTC) for prediction markets platform Kalshi and issuing a no-action position for similar products on cryptocurrency exchange Coinbase.
According to CME's filing, the CFTC’s approval of such products went against directives from the US Congress by treating “futures” as “swaps” with expiration dates. The company alleged that the agency was in violation of the Commodity Exchange Act and a court should vacate its actions over perpetual futures, noting that Selig had unilaterally acted without a full panel of five CFTC commissioners.
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