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BTC 
ETH The CFTC pointed out that CME could not prove that Kalshi's Bitcoin perpetual contract caused competitive damage.
The U.S. Commodity Futures Trading Commission (CFTC) stated that the Chicago Mercantile Exchange Group (CME) failed to provide evidence that it suffered substantial competitive damage due to Kalshi's Bitcoin perpetual futures contract. The outcome of this case may affect the way U.S. regulators regulate cryptocurrency perpetual contracts.
During the federal court hearing, the CFTC is seeking to dismiss a lawsuit filed by CME Group against the Kalshi Bitcoin Perpetual Futures Contract. The committee argued that CME did not have the standing to bring a lawsuit because it failed to prove that its approval of the contract resulted in any actual competition harm. In addition, the document rejected CME's claim that Kalshi's perpetual futures contracts were swap contracts as defined in the Commodity Exchange Act (CEA).
CFTC refutes CME on competition issues
On September 2, the CFTC filed a 30-page motion for dismissal in federal court in Washington, D.C. The CFTC described the CME's behavior as a "fuss over a mountain." The move directly challenges CME's core reasons for initiating the lawsuit. It is worth noting that the CME did not accuse the CFTC of lack of jurisdiction over perpetual futures trading, nor did it claim that the CFTC had no authority to grant regulatory approval for the contract.
The CFTC believes that CME cannot prove that it suffered any specific financial loss as a result of approving the contract. Previously, CME had claimed that Kalshi's products could pose a competitive threat to retail traders. However, the CFTC emphasized that CME has admitted that its customers have no demand for perpetual futures contracts. At the same time, the CFTC also pointed out that after obtaining approval, CME's cryptocurrency futures trading business actually achieved growth.
Bitcoin perpetual trading sparks broader regulatory controversy
On May 28, 2026, the Kalshi Exchange submitted a review application for its BTCPERP protocol. In accordance with relevant futures regulations of the regulatory agency, the CFTC approved the agreement the next day. The BTCPERP protocol is based on the CF Benchmarks Bitcoin Real-Time Index, which measures the spot price of Bitcoin. The contract is traded in units of 1/10000 bitcoins and runs a perpetual mechanism 24/7 for a week.
The Kalshi Exchange began trading Bitcoin perpetual contracts on June 3, and launched trading in Ethereum perpetual contracts on June 4. According to the Kalshi report and other sources, Bitcoin trading volume exceeded US$100 million on the first day. In just one week, nominal trading volume exceeded the US$1 billion mark.
Possible impact of court rulings on crypto derivatives
The CFTC pointed out that CME attempted to protect its business from competition by reclassifying contracts, but this was not in compliance with the Commodity Exchange Act. The committee further stated that the bill aims to ensure the development, customer protection, innovation and regulation of futures markets. Reclassifying contracts does not solve the problem because even if Kalshi makes adjustments, they may still be classified as swaps.
Judge Colleen Kollar-Kotelly has arranged for CME to file an objection on October 2.
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