According to CNBC, outgoing CME Group CEO Terrence Duffy announced on Wednesday that the exchange operator will file a lawsuit against the Commodity Futures Trading Commission on Thursday, challenging the agency's decision to approve perpetual futures. The CFTC approved prediction market platform Kalshi in late May to offer bitcoin perpetual futures — contracts with no expiration date that allow traders to speculate on price without holding the underlying asset — marking the first time such products were permitted in the US. Kalshi has since expanded its perps offerings to cover additional cryptocurrencies.

Duffy, who will step down as CEO in March 2027, argued the products constitute swaps under the Dodd-Frank Act, and asserted that CME holds exclusive benchmark licenses requiring any such instruments to be listed through the exchange regardless of their structure. He said the litigation plan had been developed with his board over the past eight months. CFTC chair Michael Selig defended the agency's approval earlier this week on the same program, saying it was "time to approve regulated futures contracts that have no expiration date" and pledging to ensure the products remain well regulated domestically.