Law Firms Back CFTC on Perpetual Futures Classification in CME Case
Hyperliquid Policy Center, WilmerHale, and Temporal state perpetual futures are futures not swaps, supporting CFTC jurisdiction against CME in US court.
Lawyers at the Hyperliquid Policy Center, WilmerHale, and Temporal have stated that perpetual futures contracts are futures, not swaps. The position directly supports the CFTC in its court dispute with CME over which regulator holds authority to oversee perpetual futures trading in the United States.
The classification affects the regulatory perimeter for both on-chain and offshore venues that serve US users. No details on the exact filing date, court venue, or document format have been released.
Open questions
It remains unknown whether CME or other parties have filed counter-arguments and when the litigation may reach resolution.