Jake Chervinsky, CEO of Hyperliquid’s policy center, criticized CME’s lawsuit against the U.S. Commodity Futures Trading Commission (CFTC), calling it a major misjudgment and an unnecessary mistake.

According to Odaily, Chervinsky said CME, long seen as a dominant player in the U.S. derivatives market, is acting like an incumbent monopolist afraid of competition through its court action.

Chervinsky also cited comments he attributed to CFTC Chair Mike Selig, saying incumbents are always afraid of the future, but the public should not be afraid of incumbents.