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BTC The U.S. Commodity Futures Trading Commission (CFTC) applies to dismiss CME suit
The U.S. Commodity Futures Trading Commission (CFTC) has filed a motion to dismiss a civil suit filed by the Chicago Mercantile Exchange (CME) Group. CME accused the regulator of violating Congress's will by treating cryptocurrency "futures" as "swaps."
In a filing filed in the U.S. District Court for the District of Colombia on Wednesday, lawyers representing CFTC Chairman Michael Selig and the committee requested a hearing to deal with the motion to dismiss the CME lawsuit and alleges that the CME Group lacks standing to litigation.
CME filed a lawsuit against the CFTC in June after the committee approved forecasting market platform Kalshi to launch a perpetual futures contract linked to the Bitcoin (BTC) spot price and issued a no-objection position on similar products on the cryptocurrency exchange Coinbase. The June complaint stated that Selig violated the Commodity Exchange Act by acting unilaterally without the consent of all five members and treating "futures" with expiration dates as "swaps".
The CFTC said CME Group could not "specifically prove that it may indeed suffer financial losses" and added that "any CFTC registered exchange can list digital asset perpetual futures."
The motion read: "This lawsuit is nothing more than a fuss. CME claims to be harmed by its CFTC authorizing 'perpetual futures contracts' for digital assets such as Bitcoin and a broader policy statement on perpetual futures... but CME does not argue that it cannot list the same type of futures contract."
The motion added: "... CME has neither asserted nor could reasonably assert that it suffered financial losses as a result of the CFTC's authorization of perpetual futures contracts. As a result, CME lacks standing to sue."
In response to the original lawsuit, a CFTC spokesperson told the media that CME was engaged in a "legal battle." The agency called the June complaint "baseless."
Selig and the CFTC requested an oral hearing to process the motion, which had not been included in the public schedule as of Thursday.
