Hyperliquid Policy Center Backs CFTC, Seeks Dismissal of CME’s Crypto Futures Lawsuit

Hyperliquid Policy Center called for the dismissal of the lawsuit filed by CME against the CFTC and presented a defense for the future of perpetual futures contracts in the US.

Hyperliquid Policy Center filed an amicus brief supporting the CFTC in the lawsuit brought by CME Group against the U.S. Commodity Futures Trading Commission’s (CFTC) approval of perpetual futures contracts. The Center requested that the U.S. District Court for the District of Columbia dismiss CME’s lawsuit.

CME Group, in its lawsuit filed in June, argued that perpetual futures contracts compete directly with its own futures offerings and cause harm to the company. These contracts, which have no expiration date, allow investors to trade based on price movements without purchasing the asset directly.

Hyperliquid Policy Center, however, asserted that CME’s claims of competition and injury do not establish legal standing. The Center stated that the CFTC’s decision does not fragment the existing market and instead brings in new participants who did not previously trade in futures contracts.

HPC: If CME Wins, Futures Innovation Could Slow Down

U.S. President Donald Trump said the CFTC is working to bring Hyperliquid into the U.S. in a fully compliant and legal manner. Last month, the CFTC approved the first perpetual futures products in the U.S. for Kalshi and Coinbase.

The Center is represented by Elizabeth Prelogar, who served as the U.S. government’s chief legal representative before the Supreme Court under the Biden administration from 2021 to 2025. Prelogar stated that if CME’s position is accepted, every new product approved by the regulator could face lawsuits from existing exchanges, and the innovation process in U.S. futures markets could slow down significantly.

HPC also argued that Kalshi has been a CFTC-regulated exchange since 2020 and, therefore, the decision does not add a new competitor to the market. CME CEO Terrence Duffy criticized perpetual futures products, stating they should be classified as swaps under the Dodd-Frank Act. The outcome of the lawsuit is significant for the legal basis of the CFTC’s approvals for these products in the U.S.