CME Group sued the US Commodity Futures Trading Commission (CFTC) and its Chairman, Michael Selig, on 18 Jun, petitioning a federal court in Washington to void the regulator's 29 May decision allowing Kalshi to list cryptocurrency perpetual futures and clearing Coinbase's access to offshore equivalents. Known as perps, the contracts have no expiry date and allow indefinite exposure to price movements.
CME Sues CFTC over Kalshi, Coinbase Crypto Perpetuals Approval
19 June 2026 - 02:53 CEST
By Oihyun Kim
Perpetuals fit swap definition
The complaint, filed in the District of Columbia, argues that perpetual contracts meet the Dodd-Frank Act's definition of "swaps" because they lack expiration dates, transfer price risk between parties and convey no ownership in the underlying asset. The CFTC itself classified perps as swaps in enforcement actions against Binance, BitMEX and Mango Markets, CME notes.
Selig, the agency's sole sitting commissioner with four of five seats awaiting Trump administration appointees, approved Kalshi's Bitcoin (BTC) perpetual one day after receiving the application. An accompanying policy statement let other designated contract markets self-certify similar products. Kalshi has since self-certified more than a dozen crypto perpetuals, generating over $1bn in trades within a week, according to the suit.
Global perpetual futures volume reached $61.7tn in 2025, up 29% year on year, according to market data provider CryptoQuant.
CME, which has listed Bitcoin futures since 2017, says the approval inflicts "textbook competitive injury." The lawsuit seeks a declaration that crypto perpetuals are swaps, subject to stricter capital, margin and reporting rules.
Suit draws broad rejection
A CFTC spokesperson called the suit "frivolous" and accused CME of "lawfare" against the Trump administration's "pro-innovation agenda." Selig told CNBC earlier this week it was "time to approve regulated futures contracts that have no expiration date."
Kalshi spokesperson Elisabeth Diana said the suit reflects "the fear of competition," while Coinbase chief policy officer Faryar Shirzad commended the CFTC for "onshoring modern contract structures that benefit American investors."
