cmesuescftcoverbtcperpfuturesapproval

Nozīmīgā sadursmē starp tradicionālo finansēm un jaunajām kripto tirgiem, CME Group gatavojas iesūdzēt Preču nākotnes tirdzniecības komisiju (CFTC) par tās apstiprinājumu Bitcoin mūžīgajiem nākotnes līgumiem. Izstājošais CME izpilddirektors Terenss Dafi paziņoja par tiesas prāvu pēc CFTC 2026. gada 29. maija lēmuma, kas apstiprināja BTCPERP KalshiEX, LLC, iezīmējot pirmos regulētos mūžīgos nākotnes līgumus par Bitcoin ASV.$BTC
Mūžīgie nākotnes līgumi jeb "perps" ir atvasinājumi, kas seko aktīva, piemēram, Bitcoin, tirgus cenai bez noteikta termiņa. Tirgotāji var turēt pozīcijas neierobežoti, ar periodiskām finansēšanas likmēm starp garajām un īsajām pozīcijām, lai saglabātu līgumu saskaņā ar pamataktīvu. Šie produkti ir eksplodējuši popularitātē ārpus ASV, radot triljonus apgrozījuma tādās platformās kā Binance un Deribit. CFTC gājiens bija vērsts uz šo aktivitāšu iekļaušanu ASV uzraudzībā, piedāvājot mazumtirdzniecības un institucionālajiem tirgotājiem atbilstošu piekļuvi, vienlaikus samazinot atkarību no neregulētām ārvalstu biržām.

CME Group CEO Terry Duffy announced that the lawsuit is being filed to challenge the regulator’s decision to greenlight these "perp" products for platforms like Kalshi and Coin-base.
​Here is the breakdown of why the world’s largest derivatives exchange is taking the federal regulator to court:
​1. The Legal Loophole: "Futures" vs. "Swaps"
​CME's primary legal argument hinges on the definition of the financial instrument itself under the Dodd-Frank Act. Traditional futures contracts must have an expiration date and a roll-over period. Because perpetual contracts have no expiration and rely on a continuous funding rate to tie the contract price to the spot market, CME argues they should technically be classified as swaps. Since CME holds exclusive licensing rights for major benchmark providers in this category, classifying perps as swaps would mean they belong on CME's infrastructure.
​2. High Leverage and Retail Risk
​Duffy has been highly critical of the risk profile being introduced to U.S. retail investors. He pointed out the major differences in leverage limits:
​Traditional Institutional U.S. Crypto Futures (CME): Typically capped around 5:1 leverage.​Newly Approved Crypto Perps: Can offer leverage as high as 50:1.
​CME argues that combining this massive leverage with algorithmic auto-liquidation models poses a severe threat to everyday retail traders who might not understand how quickly a fluctuating funding rate can eat into their positions. Duffy went as far as comparing the current speculative mania to pre-2008 financial crisis levels.
​3. A Hasty Approval Process
​CME also claims the CFTC rushed the review. Despite the agency explicitly labeling crypto perps as "novel and complex," the regulator allegedly pushed the approval through faster than it usually takes to clear standard, simpler self-certified contracts.
​Market Impact
​The CFTC's sudden openness to 24/7 crypto derivative clearing has introduced major long-term competition for traditional, legacy exchanges. The news of the perp approvals caused immediate stock slides for incumbent giants like CME Group, Cboe Global Markets, and Intercontinental Exchange (ICE), setting up a high-stakes legal battle over who controls the future of regulated crypto derivatives in the United States.
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