CME Group Sues CFTC Over Crypto Perpetual Futures Approval

CME Group filed a lawsuit in Washington D.C. federal court on Thursday, June 18, 2026, against the Commodity Futures Trading Commission (CFTC) and its chair, Michael Selig. The legal action challenges the agency's May 29 approval allowing platforms such as Kalshi and Coinbase to offer cryptocurrency perpetual futures in the United States for the first time.

CME Group argues that perpetual futures, which lack expiration dates, are legally classified as swaps under the Dodd-Frank Act rather than futures contracts. CEO Terrence Duffy characterized the products as a disaster waiting to happen, contending that the CFTC's decision constitutes arbitrary rule-making. The exchange asserts that reclassifying these products as swaps would subject them to more restrictive, institution-oriented rules, limiting retail trader access.

The dispute also involves the financial impact on CME Group's business model. Because perpetual futures do not expire, they eliminate the recurring trading and clearing fees the exchange generates when traders roll over traditional expiring contracts.

The CFTC dismissed the lawsuit as frivolous, characterizing the move as lawfare by an incumbent fearing competition. Chair Michael Selig defended the agency's position as beneficial for investors and a part of a pro-innovation agenda. The lawsuit seeks to void the specific approval for Kalshi's bitcoin perpetual future and the broader policy statement enabling similar products from other exchanges.