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CFTC Rejects CME's Legal Challenge to Bitcoin Perpetual Futures
The U.S. Commodity Futures Trading Commission approved the first bitcoin perpetual futures contract from Kalshi in May, opening the market to such products. CME Group sued, arguing that perps are swaps, not futures. The CFTC responded that CME lacks legal standing because it has not shown any actual or imminent financial injury and noted that CME's crypto futures volume has risen since its policy shift. In a brief filed on Friday, the agency urged dismissal of CME's case, stating the exchange must plausibly allege increased competition. CME spokespersons did not immediately comment on the filing.