CME to Sue CFTC Over Bitcoin (BTC) Transactions! Here Are the Details
CME Group, the worlds largest futures exchange operator, is preparing to sue the CFTC over its approval of perpetual futures trading. According to CME Group CEO Terrence Duffy, CME plans to sue the Commodity Futures Trading Commission (CFTC) over the approval of perpetual futures contracts in the US. Speaking to CNBC, the CME CEO announced plans to file a lawsuit in protest against the CFTCs decision to approve Bitcoin perpetual futures contracts. This legal action follows the CFTCs decision in late May to allow platforms, including Kalshi and Coinbase, to offer crypto perpetual futures. As is known, in early May, the CFTC approved the Bitcoin perpetual futures products of the prediction market platform Kalshi. CME CEO Duffy argues that perpetual futures contracts should be classified as clearing products, not standard futures contracts, under the Dodd-Frank Act. “Under the Dodd-Frank Act, perpetual futures contracts should be classified as clearing transactions. This argument will form the basis of the case.” Duffy also warned that introducing perpetual futures contracts to the US market could create new risks for individual investors. According to Duffy, perpetual futures contracts, unlike traditional futures contracts, do not have a specific expiration date. This allows investors to keep their positions open without having to constantly renew