CME Group filed a lawsuit against the Commodity Futures Trading Commission (CFTC) and Chairman Michael Selig on Thursday. The suit challenges the regulator's recent approval for Coinbase and prediction market Kalshi to offer perpetual futures in the U.S.
CME argues these contracts lack expiration dates and must be classified as swaps under the Dodd-Frank Act. The exchange claims the CFTC bypassed stringent regulatory frameworks to rush the approval of a novel and complex product.
Perpetual futures account for a significant portion of global cryptocurrency trading volume. This legal challenge introduces uncertainty for U.S. investors who recently gained access to the product through regulated platforms.