CME Group sues CFTC over approval of on-chain perpetual futures

CME Group, the world’s largest futures exchange operator, has filed a lawsuit against the U.S. Commodity Futures Trading Commission over its approval of on-chain perpetual futures, Hubz, formerly Spot On Chain, said. CME Group argues the product should be classified as swaps rather than futures and was approved without proper rulemaking procedures. Hubz said the lawsuit targets the regulatory foundation of the on-chain perpetual futures market itself. It added the products are the same type as those offered by decentralized exchanges such as Hyperliquid, and said a reclassification as swaps could tighten compliance requirements and limit DEX offerings of perpetual futures. Given the likelihood of a prolonged legal process, Hubz said the case could weigh on perpetual futures-focused platforms in the short term.