Hyperliquid Policy Center files amicus brief backing CFTC against CME lawsuit over perpetual futures

HPC files amicus brief supporting CFTC

The Hyperliquid Policy Center (HPC) submitted an amicus brief to the U.S. District Court for the District of Columbia, backing the Commodity Futures Trading Commission (CFTC) in its dispute with CME Group over the approval of crypto perpetual futures.

Key points

• HPC’s brief is signed by former Solicitor General Elizabeth Prelogar.
• CME sued the CFTC in June 2026, claiming the agency’s approval of perpetual futures harms its business.
• Perpetual futures are contracts without an expiration date that let traders bet on price moves without owning the underlying asset.
• The CFTC approved the first crypto perpetual futures for Kalshi and Coinbase in May 2026.
• HPC argues CME lacks standing because the CFTC order expands the market rather than creates new competition.

What the brief says

According to the brief, the case could set a precedent that any new product approved by the CFTC would invite lawsuits from incumbent exchanges. Prelogar warned that if CME wins, “the pace of progress in the U.S. futures markets will slow to a crawl.”

CME’s complaint

CME’s initial filing states that perpetual futures would directly compete with its own futures contracts and cause injury to its business. CEO Terrence Duffy called perpetual futures a “disaster waiting to happen” and suggested they should be classified as swaps under the Dodd‑Frank Act.

Why the case matters

If the court dismisses CME’s suit, the CFTC’s authority to approve new crypto derivatives would remain intact, allowing more platforms to offer perpetual futures in the United States.

Unresolved questions

The court has not yet ruled on the case, and it is unclear how the judge will address CME’s standing claim.

Sources

• The Block