CME Accused of Protecting Derivatives Monopoly with Crypto Perpetual Futures Lawsuit

Crypto perpetual futures have generated over $1 billion in trading volume since their launch. According to data from Better Markets, CME Group holds around 92% of U.S. exchange-traded derivatives volume.

Jake Chervinsky, CEO of the Hyperliquid Policy Center, accused CME Group of using a lawsuit against the U.S. Commodity Futures Trading Commission (CFTC) to protect its position in the market.

CME has argued that perpetual futures should be regulated as swaps rather than conventional futures contracts. The exchange claims that the CFTC departed from its historical treatment of similar instruments and approved a new type of product without following the rulemaking process established by Congress.