CME Plans Lawsuit Against CFTC Over Bitcoin Perpetual Futures Approval on June 17

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According to CNBC, CME Group plans to sue the U.S. Commodity Futures Trading Commission (CFTC) over its approval of Bitcoin perpetual futures products. CME CEO Terence Duffy said on June 17 that the CFTC incorrectly classified perpetual futures as futures contracts rather than swap transactions under the Dodd-Frank Act. Duffy argued that perpetual futures products should be regulated as swaps and that all such trading must flow through CME. The CFTC approved Kalshi's Bitcoin perpetual futures product on May 29, marking the first CFTC approval of perpetual futures contracts.
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