CFTC Seeks Dismissal of CME Challenge to Kalshi Bitcoin Contract

The Commodity Futures Trading Commission (CFTC) is seeking dismissal of Chicago Mercantile Exchange Inc. (CME)’s challenge to a Kalshi Bitcoin (BTC) contract, leaving a broader dispute over U.S. perpetual-futures rules unresolved. The CFTC filed a reply supporting its motion to dismiss on Oct. 16. In its Sept. 2 motion, the agency argued CME had not shown the approval caused competitive harm that would give it grounds to sue. The court has not ruled on whether CME can bring the case or how perpetuals should be classified. CME sued on June 18 after the CFTC approved KalshiEX LLC’s BTCPERP contract as a future on May 29. The cash-settled contract tracks BTC’s spot price and has no fixed expiration date.

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