CFTC moves to dismiss CME lawsuit over crypto perpetual futures

The US Commodity Futures Trading Commission (CFTC) has filed a motion to dismiss a lawsuit from the Chicago Mercantile Exchange (CME) Group. The suit challenges the CFTC’s approval of perpetual futures contracts tied to Bitcoin’s spot price, which CME argues were improperly treated as swaps rather than futures.

Perpetual futures are derivative contracts without an expiration date, allowing traders to hold positions indefinitely.

CFTC calls lawsuit baseless

In a September 3 filing, CFTC lawyers called the lawsuit “much ado about nothing,” arguing that CME lacks legal standing. The commission stated that CME failed to show it would suffer financial harm from the CFTC’s actions. The filing also noted that any CFTC-registered exchange, including CME, could list perpetual futures on digital assets like Bitcoin.

The CFTC added that CME did not claim it was unable to offer similar contracts itself. The regulator requested an oral hearing on the motion, though no date had been set as of September 4.

Background of the dispute

CME filed its lawsuit in June after the CFTC approved perpetual futures contracts for prediction markets platform Kalshi and issued a no-action position for similar products on cryptocurrency exchange Coinbase. CME argued that CFTC Chair Michael Selig acted unilaterally, bypassing the full panel of commissioners, and violated the Commodity Exchange Act by classifying these products as swaps.

A CFTC spokesperson previously called the lawsuit “frivolous” and accused CME of engaging in “lawfare.”

What is confirmed

• The CFTC filed a motion to dismiss CME’s lawsuit on September 3, 2026.
• The CFTC argues CME lacks standing because it cannot demonstrate financial injury.
• CME’s June lawsuit challenges the CFTC’s approval of perpetual futures contracts for Kalshi and Coinbase.
• The CFTC claims any registered exchange, including CME, can list perpetual futures on digital assets.

What is still unclear

It is not yet known when or if the court will schedule a hearing on the CFTC’s motion to dismiss.

Why this matters

The case centers on how US regulators classify and oversee crypto-based financial products. If the CFTC’s position holds, it could reinforce the agency’s authority to approve perpetual futures contracts for digital assets under existing rules.

Sources

• Cointelegraph