Hyperliquid policy center urges court to dismiss CME suit over CFTC perp approval

Hyperliquid Policy Center accused CME Group of undermining innovation and urged a court to dismiss CME’s lawsuit against the Commodity Futures Trading Commission, according to The Block. The center filed an amicus brief backing the CFTC in federal district court in Washington on Sept. 9, local time, after CME sued the CFTC in June over U.S. approval of perpetual futures trading. HPC warned the case could have broader implications and said CME, once a giant of innovation, is now advancing a legal theory under which exchanges are harmed whenever regulators approve new products that incumbent venues chose not to offer. If CME prevails, HPC said, every product approved by the CFTC would invite lawsuits from established players favoring the status quo, slowing the development of the U.S. futures market to an extreme degree.