The CFTC (U.S. derivatives regulator) asked a federal court on Sept. 2 to dismiss CME's challenge to KalshiEX's Bitcoin perpetual contract, arguing CME must first establish an injury that the court can remedy. The agency says CME could list a comparable digital commodity product and that any competitive disadvantage from choosing not to do so is self-inflicted. CME sued on June 18 after the CFTC approved KalshiEX's Bitcoin perpetual contracts and related policy statement on May 29, arguing that a contract without a fixed expiration is a swap rather than a future under the Commodity Exchange Act. The dispute could leave the futures-versus-swaps question unresolved if the court dismisses the case on standing grounds. The CFTC's policy created a faster listing path for designated contract markets offering perpetuals tied to Bitcoin and digital commodities with deep, active and continuous spot markets, while other products face case-by-case review under Regulation 40.3. The legal challenge comes as the format expands: CryptoQuant data put global crypto perpetual-futures volume at about $61.7 trillion in 2025, up 29% from the previous year, compared with $18.6 trillion in spot trading. Bloomberg reported discussions about Coinbase seeking a regulated route for selected contracts linked to prices on Hyperliquid, while Kalshi is reportedly preparing a WTI crude-oil perpetual. CME has until Oct. 2 to oppose the dismissal motion, and future rulings and regulatory approvals could determine whether perpetual-style products extend from digital commodities to on-chain prices and physical markets.