The Chicago Mercantile Exchange filed a lawsuit against its regulator, the CFTC, in June to overturn the authorization of crypto perpetual contracts granted to Kalshi. On September 2, the CFTC asked the court to dismiss the case, calling it « much ado about nothing » and noting that CME suffered no concrete harm. The regulator pointed out that CME’s bitcoin and ether futures volumes actually increased in June and August compared to May, contradicting claims of competitive disadvantage. Kalshi launched its first perpetual Bitcoin in early June and reached one billion dollars in volume in less than a week. The global crypto perpetuals market represents nearly 90 trillion dollars in annual volume, according to Bank of America.
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