Crypto Perps: Joint Scheduling Order Pushes Decision In CME Suit To Spring 2027

Research evidence excerpt

TD Securities (USA) LLC

POLICY NOTE

September 8, 2026

■ WRG Crypto Currency

■ WRG Financial Services

Crypto Perps: Joint Scheduling Order Pushes

Decision In CME Suit To Spring 2027

Jaret Seiberg

THE TD COWEN INSIGHT

The CFTC and CME on Friday filed their scheduling order in the company's challenge to the

regulator's approval of crypto perps. Next key filing will be Oct. 2 when CME responds to the

CFTC's motion to dismiss. The scheduling order has the final filings due in mid-December. That

likely results in a decision no sooner than second half of Q1 2027. It would be later if there is a

court hearing.

What Is Happening

The CFTC and CME on Friday filed a joint scheduling order with a federal judge in CME's legal

challenge to the CFTC's approval of perpetual futures for crypto assets.

Highlights include:

CME's response to the CFTC's motion to dismiss is due Oct. 2.

The CFTC responds to the CME's Oct. 2 filing by Oct. 16.

Both parties will file motions for summary judgment on Nov. 20.

Amicus briefs from outside parties are due Dec. 4.

Replies from both parties to the motions for summary judgment are due 14.

There is no discussion of whether or when there will be a hearing on the motions for

summary judgment.

Our View

This material is intended as

commentary on political, economic or

market conditions and is not intended

as a research report as defined

by applicable regulation. See the