# CFTC Tells Court CME Can't Challenge U.S. Perps

*Author: David Christopher*
*Published: Oct 20, 2026*
*Source: https://www.bankless.com/read/news/cftc-tells-court-cme-cant-challenge-us-perps*

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The CFTC asked a federal judge on Friday to toss CME Group's lawsuit over U.S. perpetual futures, arguing in a [reply brief](https://storage.courtlistener.com/recap/gov.uscourts.dcd.293632/gov.uscourts.dcd.293632.46.0.pdf) that CME lacks standing, meaning it hasn't shown the policy actually harms it. 

## What's the Scoop?

- **Why CME Sued:** CME [sued in June](https://storage.courtlistener.com/recap/gov.uscourts.dcd.293632/gov.uscourts.dcd.293632.1.0.pdf) to undo the CFTC's May 29 approval of Kalshi's bitcoin perp as a future, arguing perps are really swaps, a label that would push them into a heavier, institution-focused rulebook and away from the retail traders CME now competes for. As we [wrote at the time](https://www.bankless.com/read/why-cme-suing-cftc-perps), "The exchange is asking for a reclassification, not a ban." 

- **No Harm Shown:** The CFTC [points to CME's own numbers](https://storage.courtlistener.com/recap/gov.uscourts.dcd.293632/gov.uscourts.dcd.293632.46.0.pdf): monthly crypto futures volume rose from about 2.66M contracts in May to 3.28M in September, and CME has told investors its customers aren't asking for perps. 

- **What's Next:** Judge Colleen Kollar-Kotelly will decide whether the case survives, after she [rejected](https://storage.courtlistener.com/recap/gov.uscourts.dcd.293632/gov.uscourts.dcd.293632.44.0.pdf) the CFTC's earlier bid to dig into CME's business. Meanwhile, the market keeps growing: Kalshi [launched](https://x.com/Kalshi/status/2107513211461497099) what it calls "the first stock index perpetual future in America" on Oct. 6. 

[Why CME Is Really Suing the CFTC Over Perps on BanklessCME wants Kalshi's Bitcoin perp reclassified as a swap, not banned. That distinction reveals what's actually at stake in the CFTC lawsuit.Bankless![](https://cdn.bankless.com/openGraph/why-cme-is-really-suing-the-cftc-over-perps-1781826920.png)](https://www.bankless.com/read/why-cme-suing-cftc-perps)
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