CFTC seeks dismissal of CME lawsuit over Kalshi BTC perpetual futures

The U.S. Commodity Futures Trading Commission has asked a federal court to dismiss CME Group’s lawsuit challenging approval of Kalshi’s Bitcoin perpetual futures contracts, according to Crypto Briefing. The CFTC described the case as baseless and said CME chose litigation over competition. At the center of the dispute is whether Bitcoin perpetual futures contracts qualify as futures products or swaps, a classification that would determine the applicable regulatory framework. For CME Group, a ruling that the contracts are not classified as swaps could threaten its existing position in the U.S. derivatives market.