CME to sue CFTC over US approval of perpetual futures

CME Group, the world's largest futures exchange operator, plans to sue the Commodity Futures Trading Commission (CFTC) over its approval of perpetual futures in the U.S., according to CEO Terrence Duffy. The dispute follows the CFTC's decision in late May to authorize platforms, including Kalshi and Coinbase, to offer crypto perpetual futures. Duffy argued that perpetual futures should be classified as swap products under the Dodd-Frank Act, not as standard futures. He also emphasized that because CME holds exclusive rights to the benchmark providers associated with these products, any related offerings should be listed and traded through CME, regardless of their contract structure.