CFTC Seeks Dismissal Of CME Challenge, Saying Exchange Shows No Harm
TL;DR
- The CFTC asked a federal judge to dismiss CME Group’s lawsuit, arguing the exchange cannot prove concrete economic harm.
- The regulator described the litigation as “much ado about nothing” and noted that any competitive damage would be self-inflicted by CME, which acknowledged its clients never requested perpetual futures.
- Judge Colleen Kollar-Kotelly rejected the request to withhold the administrative record and ordered the parties to propose a joint schedule before September 4.
The CFTC formally requested a federal judge to dismiss the lawsuit filed by CME Group against its approval of cryptocurrency perpetual futures, arguing that the exchange failed to demonstrate concrete economic harm.
The regulator filed the motion on Wednesday and described the litigation as “much ado about nothing“, arguing that CME lacks constitutional standing as it has not alleged a verifiable financial loss.
The agency noted that the order challenged by CME allows any registered designated contract market, including CME itself, to list products with a similar structure. Along those lines, the CFTC indicated that the harm CME attributes to competition would, in any case, be self-inflicted: the exchange itself publicly acknowledged that its clients have not requested perpetual futures.
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