Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Crypto Regulation & Derivatives News
The US Commodity Futures Trading Commission (CFTC) is pushing back against CME Group’s legal challenge to its approval of cryptocurrency perpetual futures. The agency filed a motion on Sept. 2, 2026, in the US District Court for the District of Columbia, asking a federal judge to dismiss the case entirely.
The CFTC calledCME’s lawsuit “much ado about nothing” and argued the exchange has not demonstrated any concrete financial harm.
The dispute traces back to a CFTC order issued on May 29, 2026. That order approved Kalshi’s Bitcoinperpetual futures contract, known as BTCPERP. The contract is cash-settled, tracks Bitcoin (BTC) prices continuously, carries no expiration date, and uses a funding rate mechanism to keep its price close to the spot market. The May 29 order said the CFTC’s analysis also applied to similarly structured contracts tied to other digital commodities with deep, active and continuous spot markets.
CFTC Says CME Can List the Same Products Itself
CME filed its lawsuit on June 18, 2026. The exchange argued that contracts with no expiration or delivery date, where traders make periodic payments to one another, should legally be treated as swaps rather than futures. CME also accused the CFTC of bypassing proper rulemaking procedures and of departing from earlier enforcement cases in which it had classified crypto perpetuals as swaps.
The CFTC’s dismissal motion rejected those claims on multiple grounds. The agency said the May 29 order applies to all registered designated contract markets (DCMs), a category that includes CME. Because CME can list the same perpetual futures contracts itself, the CFTC argued there is no competitive injury to remedy through the courts. The agency also noted that CME has publicly stated its own clients have not requested perpetual futures products, which it said means any competitive disadvantage is the result of CME’s own commercial decisions.
Related Article: CFTC Chair Orders Staff To Draft Crypto Rules if CLARITY Act Stalls
CFTC Points to Volume Data and Legal Purpose
The CFTC cited CME’s own trading volume figures to reinforce its argument. Bitcoin andEther futures volumes at CME were higher in both June and August 2026 than they were in May 2026, the month the order was issued. The agency said those numbers contradict CME’s claim that the approval damaged its market position.
The CFTC also argued that even if a court sided with CME and ordered the contracts reclassified as swaps, the competition would not go away. Kalshi and other DCMs could simply offer the same products under that new classification. The regulatory and tax differences between futures and swaps are not substantial enough to change the competitive picture, the agency said.
The CFTC went further, arguing that CME’s lawsuit contradicts the intent of the Commodity Exchange Act itself. Congress designed the law to promote market integrity, fair competition, and responsible innovation among exchanges. Using that law to block a competitor from entering a market, the agency argued, turns that purpose on its head. The CFTC has requested an oral hearing on the motion.
US District Judge Colleen Kollar-Kotelly last week denied the CFTC’s earlier request to be excused from filing the administrative record with its motion, ruling it could contain evidence relevant to CME’s alleged injury. She ordered both parties to submit a combined briefing schedule by Sept. 4, 2026. CME’s opposition to the dismissal motion is due Oct. 2, 2026.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
Source: coinmarketcap.com