CME Sues CFTC Over Crypto Perpetual Futures Approval; TD Cowen Says CME Has Stronger Case

According to investment bank TD Cowen, CME Group has the stronger legal position in its lawsuit against the U.S. Commodity Futures Trading Commission over crypto perpetual futures, filed yesterday (June 18). Jaret Seiberg, managing director at TD Cowen's Washington Research Group, stated in a note that "CME has the upper hand in the litigation" and expects the exchange to seek a preliminary injunction to block perpetual futures while the case proceeds. CME argues that perpetual contracts, which never expire, should be regulated as swaps rather than futures under the Commodity Exchange Act.
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