Hyperliquid Policy Center Urges Court to Dismiss CME Suit Over CFTC Approval of Perpetual Futures
Summary
- Hyperliquid Policy Center, or HPC, said it urged a court to dismiss the CME Group lawsuit over perpetual futures involving the Commodity Futures Trading Commission (CFTC).
- HPC said that if CME’s argument is accepted, incumbent exchanges could sue whenever the CFTC approves a new product.
- HPC said a CME victory could lead to a string of lawsuits by incumbent firms and slow the pace of innovation and development in the U.S. futures market.
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Hyperliquid Policy Center, or HPC, urged a court to dismiss CME Group’s lawsuit over the Commodity Futures Trading Commission’s approval of perpetual futures.
Crypto media outlet The Block reported on September 9 that HPC filed an amicus brief supporting the CFTC in federal district court in Washington, D.C. CME filed the lawsuit in June over the CFTC’s approval of perpetual futures trading in the U.S.
HPC argued that accepting CME’s claim would allow incumbent exchanges to sue whenever the CFTC approves a new product. It criticized CME, saying the company, once a giant of innovation, is now challenging approval of a new product that existing exchanges chose not to offer.
HPC warned that a CME win could trigger a string of lawsuits from incumbent firms and significantly slow innovation and development in the U.S. futures market.
JH Kim
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