CME Challenges CFTC Approval Of Perpetuals; Case Hinges On Definition Of Swaps

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CME Challenges CFTC Approval Of Perpetuals; Case Hinges On Definition Of Swaps

TD Securities (USA) LLC POLICY NOTE

June 18, 2026

■WRG Financial Services CME Challenges CFTC Approval Of

Perpetuals; Case Hinges On Definition Of

Swaps

Jaret Seiberg THE TD COWEN INSIGHT

202 868 5313

The CME on Thursday sued the CFTC over the agency's approval of perpetual futures for

jaret.seiberg@tdsecurities.com

crypto commodities. We give the edge to the CME on procedural and substantive grounds. Key

to watch will be if CME seeks a preliminary injunction and how quickly the court intends to act.

What Is Happening

CME Group today sued the CFTC in federal court in Washington for approving perpetual

futures tied to crypto assets.

Our View

■We believe CME has the upper hand in the litigation.

■This likely will come down to whether by law a product can be a future if it does not require

delivery or the equivalent at a set time in the future.

■We believe CME's Administrative Procedures Act arguments are strong.

■There should be a status conference and a schedule soon. We expect CME will seek a

preliminary injunction to block perps as the case proceeds.

Lawsuit Details

■The 43-page lawsuit argues perpetuals are swaps rather than futures.

■It contends that the Commodity Exchange Act requires a future to involve a contract that

conveys a direct or indirect interest in a commodity for delivery at a set time in the future.

■By that definition, perpetuals do not qualify as they do not expire. That means there is never

a set time for delivery of the commodity.

■Swaps, by contrast, do not convey an ownership interest or involve the delivery of the

underlying commodity on a set date.

■This distinction matters as the regulatory and tax regimes for swaps and futures

are different.