The U.S. Commodity Futures Trading Commission (CFTC) has filed an official motion to dismiss the litigation initiated by CME Group. The dispute concerns the approval of bitcoin perpetual futures launched by the platform Kalshi. In its filing, the regulator explicitly stated that the plaintiff's arguments about alleged harm from competition are not supported by compelling evidence.
The CFTC's key argument is based on the fact that CME Group itself possesses all the necessary resources and licenses to bring a similar product to market. Thus, claims of monopolistic pressure or discrimination appear unconvincing, especially given that the exchange is actively developing its own crypto derivatives.
However, CME's position has its own specifics. The Chicago exchange classifies Kalshi's perpetual contracts not as futures, but as swaps. This is a fundamental point: if the court agrees with this interpretation, these instruments would be subject to a separate, stricter regulatory regime, which could significantly slow their adoption and set a precedent for the entire market.
In my view, this lawsuit is not just business protection, but an attempt by CME to impose a regulatory agenda. If the CFTC succeeds in closing the case, it will strengthen the positions of Kalshi and other innovative platforms offering hybrid instruments. But if CME achieves a reclassification, we could see a wave of reviews of similar products at other exchanges. Stay tuned for developments — this is a case that will define the boundaries between futures and swaps for years to come.