CFTC Files Motion to Dismiss CME's Lawsuit Over Crypto Futures
The US Commodity Futures Trading Commission filed a motion to dismiss a civil suit brought by the Chicago Mercantile Exchange regarding cryptocurrency perpetual futures. The CFTC characterizes the dispute as lacking merit.
Lawyers for the Commodity Futures Trading Commission filed a motion in the US District Court for the District of Columbia on Wednesday to dismiss a lawsuit filed by the Chicago Mercantile Exchange Group. In June, CME sued the regulator over its treatment of cryptocurrency futures. The group argued that treating digital asset contracts as swaps violated Congress's intent under the Commodity Exchange Act and questioned whether Acting Chair Michael Selig acted with the required five-member panel. CME claimed it faced financial injury because these products differed from traditional futures.
The CFTC filing counters these arguments, stating that any exchange registered with the commission can list perpetual futures on digital assets. The regulator asserted there is no concrete showing that CME will suffer financial injury under existing orders. A CFTC-approved order already allowed designated contract markets to list such products. In the filed motion, lawyers representing the commission requested a hearing specifically to address the claim that CME lacked standing to sue. Sources describe the legal battle as a significant regulatory disagreement centered on classification of crypto derivatives.
