CME Group has sued the CFTC in federal court, challenging the approval of competitor crypto perpetual futures contracts. The lawsuit disputes the CFTC's authority.
"We expect CME will seek a preliminary injunction to block perps as the case proceeds," said TD Cowen's Jaret Seiberg.
The world's largest derivatives exchange operator said Wednesday it will sue the CFTC over the agency's approval of Kalshi's bitcoin perpetual futures, arguing the contracts should be classified as swaps under the Dodd-Frank Act.
The lawsuit targets the federal regulator and Chair Michael Selig, alleging that the Commodity Futures Trading Commissioin is treating cryptocurrency “futures” as “swaps,” posing risks to derivatives markets.
CME Sues CFTC Over Bitcoin Perpetual Futures: Here's Why
