The CFTC has asked a federal court to dismiss CME Group’s lawsuit challenging the approval of Kalshi’s Bitcoin perpetual futures contract, calling the legal action frivolous. The regulator approved Kalshi’s BTCPERP contract on May 29 through a self-certification process, and CME filed suit on June 18 arguing that perpetual contracts should be classified as swaps rather than futures under the Dodd-Frank Act. Kalshi reported trading volumes exceeding $1 billion within a week of launch. This legal battle could reshape the regulatory framework governing cryptocurrency derivatives products in the United States.
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