CFTC Argues CME Lacks Standing to Fight US Perps Policy, Citing CME’s Own Earnings Calls

The CFTC filed a brief on Friday arguing CME lacks standing to challenge its perpetual-futures policy, saying CME has shown no imminent financial injury and noting CME’s crypto futures volume has risen since the policy shift. The agency quotes CME telling investors perps aren’t substitutes for its futures: it “cannot have it one way with the court and another way with the investing public.” CME’s core claim remains for the court: perps are swaps, not futures.