The Hyperliquid Policy Center has urged a federal court in Washington, D.C., to dismiss CME Group's lawsuit challenging the Commodity Futures Trading Commission's approval of perpetual futures for U.S. trading. Elizabeth Prelogar, who served as U.S. Solicitor General during the Biden administration from 2021 to 2025, filed the Sept. 9 amicus brief. The policy group argues that CME lacks standing because the approval expanded the market rather than dividing an existing one, and because other registered exchanges, including CME, can seek approval for comparable products. It also notes that Kalshi has operated as a CFTC-regulated exchange since 2020, so the decision did not add a new competitor to the regulated marketplace. CME filed its case in June, arguing that perpetual futures would compete with its products and financially harm the exchange. CME CEO Terrence Duffy has called perpetuals a "disaster waiting to happen" and argued they should be regulated as swaps under the Dodd-Frank Act. The CFTC approved the first U.S. perpetual futures contracts for Kalshi and Coinbase last month, while President Donald Trump has said the agency is working to bring Hyperliquid's perpetuals onshore in a "fully compliant and legal fashion." The case remains active in the U.S. District Court for the District of Columbia. Its outcome could affect how readily established exchanges can use litigation to challenge CFTC approvals for products they do not offer.