The U.S. Commodity Futures Trading Commission (CFTC) filed a brief with the court last Friday opposing CME’s standing to sue over the agency’s new policy on perpetual contracts. The CFTC argued that CME had failed to demonstrate that it suffered actual harm as a result of the policy change. According to CoinDesk, the CFTC said that CME’s crypto futures trading volume had not fallen after the policy took effect, but had instead increased. CME had also told investors during an earnings call that it had seen no demand for perpetual contracts and that they were not substitutes for CME’s existing products. In May, the CFTC approved Kalshi’s launch of the first Bitcoin perpetual contract in the U.S. and emphasized that similar products would be regulated on a case-by-case basis under futures rules. CME, meanwhile, argues that perpetual contracts have no expiration date and should fall under the regulatory framework for swaps. Last month, the CFTC asked a judge to dismiss the case.

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