CME Sues CFTC Over Perpetual Futures Approval on Thursday, Alleges Violation of Commodity Exchange Act

KALSHI-3.39%
According to CME's complaint filed Thursday in U.S. District Court for the District of Columbia, CME Group sued the CFTC and its chair Michael Selig, accusing the agency of violating the Commodity Exchange Act by approving perpetual futures for Kalshi and Coinbase last month. The CME alleged that the CFTC "suddenly" changed course by allowing the new derivatives products to trade in the U.S., circumventing regulatory requirements Congress established for swaps. CME CEO Terrence Duffy previously called perpetuals a "disaster waiting to happen" and argued they should be classified as swaps under the Dodd-Frank Act.
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