HPC Submits Comment Letter Supporting Dismissal of CME v. CFTC Case, Arguing the Lawsuit Could Hinder U.S. Perpetual Futures Innovation

BlockBeats News, September 9 - Hyperliquid Policy Center (HPC) has filed an amicus brief urging the U.S. District Court for the District of Columbia to dismiss CME's lawsuit against the CFTC. The brief was submitted by Elizabeth Prelogar, former U.S. Solicitor General, on behalf of law firm Cooley LLP.

In May of this year, the CFTC approved Kalshi to list bitcoin perpetual contracts as futures products on U.S. regulated trading platforms, and confirmed that other U.S. derivatives exchanges could also launch similar digital asset contracts. CME subsequently filed a lawsuit seeking to overturn the relevant decision.

HPC argues that CME cannot demonstrate actual harm caused by the CFTC's decision, and therefore lacks standing as required under Article III of the Constitution. Additionally, the Commodity Exchange Act is designed to promote responsible innovation and fair competition among exchanges, and CME's interest in preventing competitors from launching new products falls outside the scope of protection under this law. HPC stated that the outcome of this case could also affect the entry of perpetual contracts and on-chain markets such as Hyperliquid into the U.S. regulatory framework.