CME Lawsuit Against CFTC Is 'Startling Miscalculation,' Says Hyperliquid CEO; CME Holds 92% of U.S. Derivatives Market

According to Jake Chervinsky, CEO of Hyperliquid Policy Center, CME's lawsuit against CFTC on June 20 represents a "startling miscalculation" and exposes the exchange as an "anti-competitive monopolist" resisting competition. CFTC Chair Mike Selig stated that "entrenched interests fear the future, but the public should not fear entrenched interests."

CME controls approximately 92% of the U.S. exchange-traded derivatives market, limiting consumer choice and raising costs. U.S. users have been forced to turn to offshore perpetual futures contracts while other global markets have long offered similar products domestically. U.S. regulators opened a compliant pathway for these products this spring, but CME is seeking to block it through litigation.