The U.S. Commodity Futures Trading Commission argued in a Friday court brief that CME Group lacks legal standing to challenge the agency's perpetual futures policy. The CFTC said CME has not plausibly alleged imminent financial harm from increased competition. The agency approved the first bitcoin perpetual futures contract from Kalshi in May and said perpetual futures would be regulated as futures case by case. CME argues that contracts without expiration dates are swaps, not futures. TD Cowen policy analyst Jaret Seiberg said CME may have the stronger legal arguments, but continued market growth could complicate any reversal if CME wins.