CFTC files to dismiss CME lawsuit over crypto perpetual futures
The CFTC’s lawyers called the lawsuit “much ado about nothing,“ claiming that the CME Group lacked standing to file and argued against its claims over crypto perpetual futures.
The Commodity Futures Trading Commission (CFTC) has filed a motion to dismiss a civil lawsuit filed by the Chicago Mercantile Exchange (CME) Group, which claimed that the regulator's treatment of cryptocurrency perpetual futures as "swaps" went against Congress. In a Wednesday filing in the US District Court for the District of Columbia, CFTC lawyers argued that CME lacked standing to file the lawsuit, stating that the group could not make a "concrete showing that it is in fact likely to suffer financial injury."
The CME lawsuit was filed in June after the CFTC approved perpetual futures contracts tied to Bitcoin's spot price for prediction markets platform Kalshi and issued a no-action position for similar products on Coinbase exchange. CFTC Chair Michael Selig and the commission requested an oral hearing to address the motion to dismiss the CME lawsuit, which had not been scheduled on the public docket as of Thursday.
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