CME Group will sue the Commodity Futures Trading Commission over its approval of crypto perps in the US, CEO Terrence Duffy announced on CNBC. Duffy, who steps down in March 2027, said he has spent eight months building the case with his board and will not back down.

The CFTC approved prediction market platform Kalshi in late May to offer Bitcoin perpetual futures, the first time the product class was permitted on a US-regulated exchange. Perpetual futures, commonly known as perps, are contracts with no expiration date, letting traders speculate on price movements indefinitely without owning the underlying asset.

CME’s Case: Perps Are Swaps, Not Futures

CME’s legal argument rests on the Dodd-Frank Act, the financial…