The CFTC asked a federal judge to dismiss the Chicago Mercantile Exchange’s lawsuit challenging the agency’s approval of cryptocurrency perpetual futures contracts. CME argues that contracts without expiration or delivery dates meet the definition of a swap under the Commodity Exchange Act and went through the wrong approval process. The CFTC argues that CME has not shown it suffered financial harm or faced greater competition, and that any registered exchange can offer comparable perpetual futures contracts. On May 29, the CFTC approved Kalshi’s Bitcoin perpetual contract, and CME announced its legal challenge on June 18. The judge’s ruling remains pending.
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