CME Group Sues CFTC This Week Over Kalshi Bitcoin Perpetual Approval

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According to CNBC, CME Group announced this week it will sue the Commodity Futures Trading Commission (CFTC) over its approval of prediction market platform Kalshi's Bitcoin perpetual futures contract. CME Chief Executive Terrence Duffy disclosed the filing during a CNBC interview, stating the lawsuit targets a CFTC decision from late May that cleared Kalshi to list Bitcoin perpetual contracts. Duffy argues the products meet the Dodd-Frank Act's definition of swaps rather than futures, claiming the CFTC misclassified them to sidestep stricter swap trading and reporting requirements.
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