CME Sues CFTC Over Approval of US-Listed Perpetual Futures

The CME Group plans to sue the Commodity Futures Trading Commission (CFTC) over its approval of perpetual futures in the United States. This move escalates a fight over whether crypto-style derivatives should be allowed inside regulated U.S. markets.

CME Chairman and Chief Executive Terry Duffy stated that the exchange operator will challenge the regulator's decision, arguing that the approval process was rushed and failed to adequately address risks to retail investors and market stability.

The dispute centers on perpetual futures, often called 'perps,' which are futures-style contracts with no expiration date. These products dominate offshore crypto trading because they allow traders to maintain leveraged long or short positions indefinitely, with funding payments used to keep contract prices aligned with spot markets.