EN
Español
Português (Brasil)
Türkçe
Tiếng Việt
Bahasa Indonesia
Polski
Čeština
Română
Slovenčina
Magyar20 Oct 2026
The US Commodity Futures Trading Commission argued in a Friday filing that CME Group lacks legal standing to challenge its approval of perpetual futures, noting CME's crypto futures volume has risen. CME says perps are swaps, not futures. Analysts warn the market keeps growing while the case plays out.
The legal battle over perpetual futures in the United States is heating up. In a brief filed on Friday, the Commodity Futures Trading Commission told a federal court that CME Group has no right to stand in the way of its decision to allow perps in the domestic market.
How we got here
In May the CFTC opened the door to perpetual futures, approving the first Bitcoin perp from Kalshi and signalling it would regulate such products case by case as futures. The shift followed President Donald Trump’s crypto agenda, which included bringing perps onshore. Perps let traders take typically leveraged positions on an asset’s price with no built-in expiry, and they have become a dominant product in offshore crypto derivatives.
CME, which runs the leading global derivatives venues, challenged the move in court. Its argument is that contracts with no end date are not futures at all but swaps, which would bring a very different regulatory regime.
The CFTC’s argument
The agency first asked a judge to dismiss the case last month. The new filing focuses on standing. “Allegations of increased competition, without any plausible inference of an imminent financial injury,” do not give CME the right to sue, the CFTC said. It added that CME “must plausibly allege an actual or imminent increase in competition” and “has not even done that,” pointing out that CME’s own crypto futures volume has risen since the policy change.
The regulator also noted that CME has told investors it sees little demand for perps and that they are not substitutes for its futures. “CME cannot have it one way with the court and another way with the investing public on earnings calls,” the brief said. CME did not immediately respond to CoinDesk’s request for comment.
Not over yet
TD Cowen policy analyst Jaret Seiberg wrote on Monday that CME may still have the edge on both standing and the swaps argument. He also flagged a timing risk: “What increasingly concerns us is the growth in perps while the litigation is playing out,” warning it could be complicated to unwind the market if CME wins.
What it means for traders
- US users: onshore perps exist but their legal footing is still contested. Treat new US perp products as subject to change.
- Offshore venues: centralized and onchain perp platforms remain the main source of liquidity. Check their regulatory status for your country in our exchange comparison.
- Leverage risk: perps are leveraged by design. Our testing methodology explains how we weigh liquidation engines and insurance funds.
What to watch next
The next milestone is the judge’s ruling on the motion to dismiss. A decision for the CFTC would likely speed up US perp launches, while a CME win could push the products toward swap rules.
Related reviews
Sources
News is for information only and is not financial advice. More crypto news
Get crypto news first on our Telegram channel.
Join on Telegram