CME chief executive says company plans to sue CFTC after perpetual futures approval

Policy CME chief executive says company plans to sue CFTC after perpetual futures approval Kalshi's perpetual futures product did not meet the Dodd-Frank Act's definition of a "swap" and should not have been approved, Terrence Duffy said. By Nikhilesh De Jun 18, 2026, 3:44 a.m. 1 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on CME CEO Terrence Duffy (Michael Reaves/Getty Images) CME Chief Executive Terrence Duffy said the derivatives provider planned to sue the U.S. Commodity Futures Trading Commission (CFTC) after it approved perpetual futures products earlier this month. The CFTC's approval of Kalshi's perpetual futures product did not meet the requirements of the Dodd-Frank Act governing swaps, he told CNBC on Wednesday. "Under the Dodd-Frank Act, it clearly defines what a swap is and what a future is, and when there's two parties exchanging payments to each other, that's deemed a swap," he said. "So, if anything, these products that he supposedly approved as futures are not futures, they would be swaps, and if they're swaps, and let's say, as you know, there's different requirements in order to participate in the swap market." Duffy, who is stepping down from his role next year, said CME would "need to understand what the rules of the road are first" before it would consider listing perpetual futures contracts of its own, but that those rules are not "very clear" at present. Duffy went further when asked if he thought the CFTC was "misrepresenting certain facts," saying that he did believe "to an extent" that the agency was. He pointed to the CFTC's release on 24/7 trading, saying the agency described that as a rule when it was not a rule. "I think there's a lot of problems," he said. CFTC Kalshi Latest Crypto News 1 Kentucky targets prediction markets, puts red state in potential clash with Trump team 6 hours ago 2 Fidelity joins Wall Street's race to manage stablecoin reserves 7 hours ago 3 Here is how Coinbase plan to survive the crypto downturn by ditching its reliance on trading fees 8 hours ago 4 Bitcoin layer-2s face a bear-market reality check 8 hours ago 5 FIFA wanted Avalanche's blockchain to help curb World Cup ticket scalping. Here's how it's going 8 hours ago 6 Fed holds rates steady in first decision under new Chairman Kevin Warsh 9 hours ago 7 Crypto industry aghast at Illinois' new tax on holding or transferring digital assets in state budget 10 hours ago 8 Crypto Long & Short: The measure of a maturing market 10 hours ago 9 Moody’s rolls out credit ratings on Solana in tokenized asset push 11 hours ago 10 BitGo stock surges on $50 million share buyback as value languishes 65% below IPO price 12 hours ago Latest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. By CoinDesk Research Jun 15, 2026 In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. Why it matters : In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. View Full Report More From Policy Kentucky targets prediction markets, puts red state in potential clash with Trump team Crypto industry aghast at Illinois' new tax on holding or transferring digital assets in state budget Crypto PAC's $12 million Senate candidate, Barry Moore, wins Alabama GOP primary