CME
CME plans to sue CFTC over perpetual futures approval
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Outgoing CME chief executive Terrence Duffy said the company will file a lawsuit against the CFTC after the regulator approved perpetual futures products earlier this month. Duffy argued that the products do not qualify as futures under the Dodd-Frank Act. The CFTC responded by calling the planned action frivolous.
CME Group began 24/7 trading of its Bitcoin futures and options on May 29. The move came as Bitcoin dropped below $70,000 and liquidations accelerated. Early volume reached 7,200 contracts worth about $50 million over the first weekend.
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CME Group and ICE are pressing U.S. regulators to restrict Hyperliquid's offshore perpetual contracts tied to oil prices. The effort comes amid traditional exchanges' push into continuous trading, including CME's planned round-the-clock crypto futures launch.