CFTC Asks Court to Dismiss CME's Challenge to Kalshi Bitcoin Perpetual Contract Approval
要点
- CFTC asked a court to dismiss CME's lawsuit challenging Kalshi's Bitcoin perpetual contract approval.
- CME claims the perpetual contract is a swap, not a future, under the Commodity Exchange Act.
- CFTC states CME could list similar digital commodity perpetual contracts.
- The lawsuit outcome will shape the expansion of perpetual futures into U.S. regulated markets.
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The U.S. Commodity Futures Trading Commission (CFTC) asked a federal court on September 2 to dismiss the Chicago Mercantile Exchange (CME)'s lawsuit challenging the approval of KalshiEX's Bitcoin perpetual futures contract. The CFTC argued that while CME claims an injury redressable by the court, CME could list a similar digital commodity product and the competitive harm is self-inflicted because it chose not to enter the market.
CME filed suit on June 18 seeking to vacate the CFTC's May 29 approval of Kalshi, arguing the perpetual contract is a swap, not a future, under the Commodity Exchange Act. The CFTC's motion to dismiss countered that the judicial relief CME seeks would not redress competitive injury because another venue could still offer a similar product under a swap classification. The court awaits CME's response by October 2, and a standing ruling may resolve the case without drawing the deep line between futures and swaps.
This lawsuit tests how the perpetual contract structure—popular in offshore crypto markets—will enter U.S. regulated markets on a venue and asset-class basis. While Coinbase seeks a regulated path for contracts tied to Hyperliquid prices, Kalshi is preparing approval for a West Texas Intermediate crude oil version. According to CryptoQuant data, global crypto perpetual futures volume reached $61.7 trillion in 2025, while spot volume reached $18.6 trillion; the outcome of the CME suit will determine how much of this activity can be conducted by U.S. exchanges within the CFTC's futures framework.
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よくある質問
- Why does the CFTC want the CME lawsuit dismissed?
- The CFTC argues that CME's alleged injury would not be redressed by the court because CME can list a similar product and the competitive harm is due to its own choice not to enter the market.
- What is CME's main argument?
- CME argues that a contract without a fixed expiration is a swap, not a future, under the Commodity Exchange Act, and that the CFTC's approval exceeded its authority.
- Why is this lawsuit critical for the market?
- The outcome will determine how and how quickly the perpetual futures structure (from crypto to energy) enters U.S. regulated markets, affecting the U.S. share of the global $61.7 trillion volume.