CME Group CEO Terry Duffy has raised concerns about an unresolved tax issue surrounding the newly approved US perpetual futures contracts. CME Group filed a lawsuit against the CFTC in June 2026 to challenge the approval of Kalshi’s Bitcoin perpetual futures, making Kalshi the first US exchange to offer such regulated products. The core issue involves tax classification: if classified as traditional futures under Section 1256 of the US tax code, traders benefit from a preferential 60/40 blended capital gains rate. If treated as swaps instead, gains are taxed as ordinary income. Duffy notes that 94% of CME’s trading volume comes from institutional clients who have shown zero demand for these products.
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