CFTC Moves to Dismiss CME Group's Lawsuit Over Crypto Perpetual Futures

The U.S. Commodity Futures Trading Commission (CFTC) has filed a motion to dismiss a civil suit brought by the Chicago Mercantile Exchange (CME) Group. CME alleges that the regulator’s classification of cryptocurrency futures as swaps violates the Commodity Exchange Act.

Background of the CME Lawsuit

CME filed the complaint in June after the CFTC approved perpetual futures contracts tied to the spot price of Bitcoin for the prediction‑markets platform Kalshi and issued a no‑action letter for similar products on Coinbase. The complaint contended that CFTC Chair Michael Selig acted unilaterally, without a full five‑member commission, in treating “futures” as “swaps” with expiration dates.

CFTC’s Motion to Dismiss

In a filing with the U.S. District Court for the District of Columbia, CFTC attorneys argued that CME lacks standing because it has not demonstrated a concrete financial injury. The commission noted that any CFTC‑registered exchange can list perpetual futures on digital assets, and CME has not shown it is unable to do so.

The filing described the lawsuit as “much ado about nothing,” stating that CME does not allege any specific harm from the CFTC’s authorization of perpetual futures contracts.

Regulatory Perspective

A CFTC spokesperson previously characterized CME’s suit as “lawfare” and called the complaint “frivolous.” The commission has requested an oral hearing on the motion, though no hearing date has been set on the public docket.