The US Commodity Futures Trading Commission has filed a motion to dismiss a lawsuit initiated by the CME Group. The regulator argues that the CME lacks the legal standing to challenge its classification of cryptocurrency perpetual futures as swaps.
The legal dispute began in June when the CME challenged the CFTC's approval of perpetual futures contracts for the prediction platform Kalshi and the issuance of a no-action position to Coinbase. The CME alleged that CFTC Chair Michael Selig acted unilaterally without a full panel of commissioners.
In its filing, the CFTC stated that the CME failed to demonstrate a likelihood of financial injury. The commission emphasized that any exchange registered with the CFTC is permitted to list perpetual futures on digital assets, meaning the CME is not restricted from offering similar products.
The CFTC legal team characterized the lawsuit as frivolous, labeling the action as lawfare. The commission has requested an oral hearing in the US District Court for the District of Columbia to address the dismissal motion, though no date has been set.