The CFTC has argued in a court filing that CME lacks standing to challenge a policy allowing crypto perpetual futures in the United States. The filing, submitted on Oct. 16, said CME had not demonstrated imminent harm and pointed to an increase in the exchange’s crypto futures trading volume after the policy shift. CME sued after the CFTC approved Kalshi’s Bitcoin perpetual futures product in May, arguing that contracts without an expiration date should be classified as swaps rather than futures. TD Cowen analyst Jaret Seiberg said the dispute could become more complicated if the perpetual futures market expands while the lawsuit remains pending.