CME argues perpetual futures should be classified as swaps under Dodd-Frank, challenging CFTC’s May approval for crypto platforms.
CME Group will sue the Commodity Futures Trading Commission over its approval of regulated perpetual futures in the U.S. Outgoing CEO Terrence Duffy announced the legal action, contesting the CFTC’s late-May decision permitting platforms like Kalshi and Coinbase to offer these products.
Duffy contends perpetual futures should be treated as swaps under the Dodd-Frank Act, not standard futures. He also claims CME holds exclusive rights to the relevant benchmark provider, asserting such products should be routed through CME regardless of contract structure.
The dispute highlights regulatory tensions over crypto derivatives and market access for new entrants.