Are perps swaps? A quick look at that CME suit: State of Crypto
CoinDesk 2026-06-21 18:30:00
Context: CME Group, a major financial derivatives exchange, has filed a lawsuit against the Commodity Futures Trading Commission (CFTC) over the approval of Kalshi's perpetual futures contracts, which CME argues are actually "swaps" and not "futures." The lawsuit, filed on Thursday, alleges procedural issues with the CFTC's approval process and claims that the agency did not properly consider the implications of approving these contracts. This development has significant implications for the rapidly growing market for perpetual futures, particularly in the crypto industry.
Key Facts
- CME Group filed a lawsuit against the CFTC on Thursday, alleging that the agency wrongly approved Kalshi's perpetual futures contracts without properly considering the implications, and is seeking to vacate the approval.
- The lawsuit claims that the CFTC did not engage in its own analysis of whether Kalshi's Bitcoin perpetual futures contract is consistent with the law, and instead "rubberstamped" the application.
- CME CEO Terry Duffy argued that the distinction between "swaps" and "futures" is crucial, as it mandates different rules for participants, and that perpetual futures contracts are actually "swaps" as defined by the Dodd-Frank Act.
- The CFTC's approval of Kalshi's perpetual futures contracts came on the same day it sent a no-action letter to Coinbase, seemingly opening the door for the exchange to list perpetual futures contracts as well.
- Former Starkware General Counsel Katherine Kirkpatrick Bos noted that there is "no clear precedent" on what constitutes a "future delivery" requirement for a futures contract, and that the CFTC has discretion to categorize novel products like perpetual futures.