CME to Sue CFTC Over Approval of Crypto Perpetual Futures

CoinFeed June 18 news, according to CNBC, outgoing Chicago Mercantile Exchange (CME) CEO Terrence Duffy said CME will sue the U.S. Commodity Futures Trading Commission (CFTC) over the agency's recent approval of crypto perpetual contracts. Duffy stated that perpetual contracts are actually swaps under the Dodd-Frank Act, which will be the legal basis for the lawsuit, and CME will file the lawsuit on Thursday. Duffy said CME has exclusive licenses with all benchmark providers, and all perpetual contracts must go through CME regardless. The CFTC approved Kalshi to offer Bitcoin perpetual contracts at the end of May, marking the first time this asset class has been approved in the U.S. Kalshi has since expanded perpetual contracts to other cryptocurrencies.