HPC Files Brief to Dismiss CME v. CFTC Case, Citing Risk to U.S. Perpetual Futures Innovation

According to Huoxing Finance, on September 9, the Hyperliquid Policy Center (HPC) submitted an amicus curiae brief urging the U.S. District Court for the District of Columbia to dismiss CME’s lawsuit against the CFTC. The brief was filed by Elizabeth Prelogar, former U.S. Deputy Solicitor General at Cooley LLP. In May, the CFTC approved Kalshi’s listing of Bitcoin perpetual contracts as a futures product on regulated U.S. trading platforms and affirmed that other U.S. derivatives exchanges could also offer similar digital asset contracts. CME subsequently filed a lawsuit seeking to overturn this decision. HPC argues that CME has failed to demonstrate any concrete injury caused by the CFTC’s ruling and therefore lacks standing under Article III of the Constitution. Furthermore, HPC contends that the Commodity Exchange Act is designed to promote responsible innovation and fair competition among exchanges, and CME’s attempt to block competitors from launching new products falls outside the scope of the law’s protections. HPC notes that the outcome of this case could also impact the entry of perpetual contracts and on-chain markets like Hyperliquid into the U.S. regulatory framework.