CFTC Urges Court to Dismiss CME Lawsuit Against Kalshi Bitcoin Perpetual Futures

The U.S. Commodity Futures Trading Commission (CFTC) has requested a Washington D.C. court to dismiss a lawsuit filed by CME Group (CME) against Kalshi's Bitcoin perpetual futures contracts. Kalshi's cash-settled BTCPERP contracts, which track spot Bitcoin prices via a funding rate mechanism, were approved on May 29. CME argues these contracts should be classified as swaps rather than futures due to the lack of an expiration date.