U.S. CFTC rebuffs CME legal stance in consequential fight over perpetual futures
Source: CoinDesk ·
From the source
The future of perps in the U.S. may be at stake as the CFTC argues that CME hasn't shown the new policy is hurting it after the agency OK'd its first bitcoin perp. The U.S. Commodity Futures Trading Commission threw open the doors for perpetual futures in the U.S. in May, approving the first bitcoin perp from Kalshi and suggesting that it was open for business on ensuring a domestic surge in such contracts. But the CME Group objected in court , and the CFTC has responded in court that the derivatives giant has no right to get in the way. "Allegations of increased competition, without any plausible inference of an imminent financial injury," don't give CME the legal standing to challenge the CFTC's actions, the agency said in a brief filed on Friday, noting that volume in crypto futures at the CME has actually risen since its policy shift. Perp contracts had soared overseas, becoming a major form of transaction in crypto derivatives, and the CFTC's move sought to clarify how the…