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CME CEO Terrence Duffy says the exchange operator will sue CFTC over perpetual futures

CME Group has filed a federal lawsuit against the CFTC and Chair Michael Selig. The legal action challenges the regulator's late-May approval of bitcoin perpetual futures for Kalshi. CME argues these products should be regulated as swaps rather than futures.

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What changed

The exchange operator has moved from announcing the intent to sue to officially filing the lawsuit.

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  1. CME Group Sues CFTC Over Bitcoin Perpetual Futures Approval

    CME Group has filed a federal lawsuit against the CFTC and Chair Michael Selig. The legal action challenges the regulator's late-May approval of bitcoin perpetual futures for Kalshi. CME argues these products should be regulated as swaps rather than futures.

    What's confirmed:

    • CME Group filed a federal lawsuit against the CFTC and Chair Michael Selig.
    • The lawsuit targets the CFTC's late-May approval of bitcoin perpetual futures for Kalshi.
    • CEO Terrence Duffy announced the move on CNBC's Fast Money.
    confidence 100%

  2. CME Group Sues CFTC Over Kalshi Bitcoin Perpetual Futures Approval

    CME Group has filed a lawsuit against the CFTC regarding the approval of Bitcoin perpetual futures for Kalshi. The exchange operator argues these products are swaps under the Dodd-Frank Act. The legal action follows a review by CEO Terrence Duffy of laws and processes.

    What's confirmed:

    • CME Group sued the CFTC over the approval of Bitcoin perpetual futures for Kalshi.
    • CME Group argues that Kalshi's perpetual futures are swaps under the Dodd-Frank Act.
    • CEO Terrence Duffy stated the lawsuit followed an eight-month review of laws and processes.

    Still unconfirmed:

    • The CFTC approved Kalshi's Bitcoin perpetual futures on May 29 in a single day without addressing over 150 comments.
    • CME Group filed the suit on June 18, 2026, and challenged approvals for both Kalshi and Coinbase.
    • An injunction could stop the trading of perpetual futures in the U.S.
    confidence 80%

  3. CME Group Sues CFTC Over Perpetual Futures Approval

    CME Group filed a lawsuit against the CFTC on Thursday. The company challenges the agency's approval of Kalshi's first U.S. perpetual futures product. CEO Terrence Duffy stated the lawsuit followed an eight-month review of relevant laws and processes.

    What's confirmed:

    • CME Group sued the CFTC on Thursday regarding the approval of Kalshi's first U.S. perpetual futures product.
    • CEO Terrence Duffy spent eight months reviewing laws and the approval process before initiating the suit.

    Still unconfirmed:

    • Terrence Duffy will step down as CEO on March 1, 2027.
    confidence 100%

  4. CME Group to Sue CFTC Over Perpetual Futures Approval

    CME Group is filing a lawsuit against the Commodity Futures Trading Commission regarding the approval of perpetual futures. CEO Terrence Duffy argues that products like those from Kalshi do not meet the Dodd-Frank Act definition of a swap. The legal action specifically targets the approval of bitcoin perpetual futures.

    What's confirmed:

    • CME Group is suing the Commodity Futures Trading Commission over the approval of perpetual futures.
    • CEO Terrence Duffy stated the exchange operator will sue the CFTC.
    • The lawsuit involves the approval of bitcoin perpetual futures.
    • Terrence Duffy told CNBC that the exchange operator will sue the regulator.
    • The SEC and CFTC are requesting public comments to clarify the definition of swaps.

    Still unconfirmed:

    • CME is suing to stop Coinbase from offering perpetual futures.
    • The lawsuit is intended to block Kalshi from offering bitcoin perpetual futures.
    confidence 95%