TREE NEWS update: The U.S. CFTC has asked a Washington D.C. court to dismiss CME’s lawsuit against Kalshi’s bitcoin perpetual futures contract, calling it ‘much ado about nothing.’ Kalshi’s cash-settled BTCPERP, approved May 29, has no expiration and uses a funding rate. CME argues it should be classified as a swap, not a future. CFTC notes CME could list similar products and its bitcoin futures volumes were unaffected.
CFTC Urges Court to Dismiss CME Suit Over Kalshi Bitcoin Perpetuals
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AI take
The CFTC's motion to dismiss signals regulatory comfort with Kalshi's perpetual contract structure, potentially easing the path for similar non-expiring cash-settled products. This matters for exchanges and market makers watching how the agency draws the line between futures and swaps. The outcome will clarify whether incumbents can challenge new product approvals on classification grounds, or whether the CFTC's product-by-product approach holds. Whether the court defers to the CFTC's interpretation is the key development to track.
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