Overview
- The CFTC filed a motion on Sept. 2 asking a federal judge to dismiss CME Group’s suit, arguing CME lacks legal standing because it could list comparable perpetual contracts itself.
- CME sued the agency on June 18, contending perpetual contracts without fixed expirations are swaps under Dodd‑Frank and seeking to vacate the CFTC’s May approval of Kalshi’s Bitcoin perpetual; CME must respond to the dismissal motion by Oct. 2.
- Market activity is pressing forward: reports say Kalshi is preparing a CFTC filing for a perpetual contract tied to WTI crude oil, with a submission expected the week of Sept. 8, but the filing has not yet been formally posted.
- Coinbase has taken regulatory steps for equity perpetuals, filing SEC notice registrations (Form 1‑N and Form BD‑N dated Sept. 1) and submitting comment letters that propose treating single‑stock perps as security futures under existing rules.
- The dispute matters because how perpetuals are classified will determine clearing, margin, reporting and trading‑hour rules; regulators are soliciting public comment and using Regulation 40.3 to review new products one asset class at a time, which shapes who can offer these high‑volume derivatives and how traders will access them.