Update
CFTC Rejects CME's Legal Stance on Perpetual Futures
The U.S. Commodity Futures Trading Commission (CFTC) has rejected CME Group's legal stance in the ongoing fight over perpetual futures. The CFTC responded in court, stating that CME Group has no right to challenge the agency's actions regarding the approval of the first bitcoin perpetual futures from Kalshi. The CFTC argued that CME's allegations of increased competition do not give them legal standing to challenge the CFTC's decisions, noting that volume in crypto futures at the CME has risen since their policy shift. The agency will regulate the products on a case-by-case basis as futures, not swaps.