CME Group has filed a federal lawsuit against the CFTC, the U.S. derivatives regulator, challenging the agency’s approval of crypto perpetual futures after Kalshi received approval to offer the products. CME argues the CFTC exceeded its authority under the Commodity Exchange Act and departed from its own guidelines by permitting contracts with no fixed expiration date. The dispute centers on whether perpetual futures, which use funding rates to keep prices aligned with the underlying asset and can be held indefinitely, fit within the legal framework for regulated U.S. futures markets. The case could shape how innovative crypto derivatives are approved and supervised in the United States, while the report says Kalshi’s approval also pressured U.S. exchange stocks.