The Commodity Futures Trading Commission approved Kalshi’s Bitcoin perpetual futures contract on May 29, 2026, making it the first US-regulated Bitcoin perpetual futures product. CME Group filed suit on June 18, 2026, challenging both the product’s classification and the regulatory approval process. The CFTC is now using CME’s own trading data to argue the exchange lacks legal standing: CME’s Bitcoin futures volumes grew 15.3% to 298,958 contracts in August 2026 compared to May. Additionally, CME executives stated on July 22, 2026 that there was no institutional demand for perpetual contracts and that CME could launch its own perpetual product if it chose to. The case is being heard by Judge Colleen Kollar-Kotelly, who must determine whether CME has demonstrated a concrete, imminent injury to have standing to sue.
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