CFTC moves to dismiss CME's lawsuit against Kalshi over crypto perpetual futures, arguing CME lacks standing since it can list the same products.
DeFi & Yields ·
The Commodity Futures Trading Commission has moved to dismiss a lawsuit filed by CME Group against Kalshi regarding the latter's crypto perpetual futures products, arguing that CME lacks legal standing to pursue the case. The CFTC's position rests on the contention that CME can itself list the same products Kalshi offers, and therefore cannot claim competitive harm as grounds for the suit.
CME Group had sued over Kalshi's perpetual futures, contending that such products should be classified as swaps under the Dodd-Frank Act and expressing concerns about leverage and retail speculation risks. The dispute centers on regulatory classification and whether perpetual futures fall under CME's existing regulatory framework or represent a distinct category that requires different oversight.
The CFTC's motion to dismiss, if granted, would clear a significant regulatory hurdle for Kalshi's crypto derivatives business. The outcome remains uncertain, as the courts have not yet ruled on the agency's filing, leaving unresolved the broader question of how perpetual futures will be regulated in U.S. crypto markets going forward.