CFTC Moves to Dismiss CME Suit on Kalshi Bitcoin Perpetuals
CFTC Sept. 2 filing argues CME lacks standing in challenge to KalshiEX Bitcoin perpetual approval under May 29 policy for digital-commodity contracts.
The Commodity Futures Trading Commission filed a motion on Sept. 2 to dismiss CME Group's challenge to the agency's approval of KalshiEX Bitcoin perpetual contracts. CME sued on June 18, claiming that contracts without fixed expirations qualify as swaps rather than futures under the Commodity Exchange Act.
The CFTC's filing states that CME has not shown an injury a court can remedy. The agency notes that CME remains free to list comparable digital-commodity perpetuals under the May 29 policy, which permits designated contract markets to offer such products on Bitcoin and other digital assets that maintain deep, active spot markets.
What remains open
Coinbase already operates 24/7 perpetual-style futures on Bitcoin, Ethereum, XRP, and Solana that carry five-year expirations. Kalshi is reported to be preparing a filing for a West Texas Intermediate crude-oil version, and discussions continue around a Hyperliquid-Bitnomial structure that would link registered U.S. users to on-chain prices.
A court ruling on standing and on the futures-versus-swaps classification remains pending. Exact timelines and final product terms for the proposed Kalshi WTI contract and any Hyperliquid bridge have not been disclosed.