CFTC Asks Court to Dismiss CME's Lawsuit Against Kalshi Bitcoin Futures

The CFTC has requested a Washington D.C. court to dismiss CME's lawsuit against Kalshi's Bitcoin perpetual futures. Kalshi's cash-settled BTCPERP was approved on May 29, utilizing a funding rate, tracking spot prices, and having no expiration date. CME argues that the contract is a swap rather than a future, as it lacks a delivery date and involves continuous payments. The CFTC responded that the matter is "overblown" and pointed out that CME could also list similar products, noting that CME's Bitcoin futures trading volumes for June and August were higher than in May. CME must submit a response by October 2.

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