CFTC faces suit over approving Kalshi bid to list ‘perpetual’ futures contracts

The Commodity Futures Trading Commission (CFTC) faces a lawsuit from the Chicago Mercantile Exchange (CME) over approving Kalshi's request to list perpetual futures contracts. The CME argues the CFTC's expedited approval without public input violates the Commodity Exchange Act and allows unregulated trading of perpetual contracts, which are typically classified as swaps under the Dodd-Frank Act.