Regulations
By Dan Saada
1 / 15
CME Says Selig Went Rogue on Classification Call. CME's filing gets pretty pointed about how the swap classification happened.
2 / 15
CFTC Calls the Lawsuit "Lawfare". The agency didn't pull punches in its response. CFTC representatives called CME's legal challenge…
3 / 15
The CFTC wants this case dead. The agency filed a motion to dismiss the Chicago Mercantile Exchange's lawsuit over crypto futures classification, arguing CME simply doesn't have…
4 / 15
The motion landed Wednesday in the US District Court for the District of Columbia. CFTC lawyers — including Chair Michael Selig — told the court that CME hasn't shown any real…
5 / 15
CME's filing gets pretty pointed about how the swap classification happened. The exchange alleges Selig made the call unilaterally — without the consensus of the CFTC's full…
6 / 15
The reclassification matters to CME because it touches how the exchange runs its own market operations.
7 / 15
The CFTC's counter is blunt. CME can list the exact same type of contracts it's complaining about. Any CFTC-registered exchange can. So where's the injury?
8 / 15
More context: FBI Seizes $560K from Hamas Crypto Network, Disrupts Fundraising Infrastructure
9 / 15
The CFTC's position is that approving Kalshi's perpetual futures contracts and issuing a no-action letter for Coinbase's similar products falls squarely within its regulatory…
10 / 15
The commission's legal team went further, saying CME's complaint doesn't allege any specific injury from the authorization of these contracts. The claims are speculative.
11 / 15
As of Thursday, no oral hearing date had been set for the CFTC's motion to dismiss. The court hadn't scheduled anything on the public docket. Both sides are waiting.
12 / 15
The stakes here aren't really just about CME and Kalshi. It's a fight over who gets to define what these products are — futures or swaps — and that definition carries serious…
13 / 15
More context: US Diesel Prices Soar to Record $5.82 Amid Thin Inventories and Iran War Costs
14 / 15
CME hasn't said anything publicly since the CFTC filed its motion. No statement, no additional comment from the exchange's side.
15 / 15
What is clear: the CFTC is firm. It wants the case gone. And it's telling the court that CME's argument rests on scenarios that haven't happened and injuries that haven't…
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