Hyperliquid is among the platforms that could be affected by the lawsuit that CME Group filed against the Commodity Futures Trading Commission (CFTC), after the regulator approved the first perpetual futures contracts on a regulated U.S. exchange.
In response, the organization Healthy Perps Coalition (HPC), represented by former Solicitor General Elizabeth Prelogar of the firm Cooley LLP, filed an amicus brief with the U.S. District Court for the District of Columbia requesting the dismissal of CME’s lawsuit.
The brief identifies two central flaws in CME’s position: the company cannot demonstrate a concrete injury that would grant it standing, and its interest in blocking innovation exceeds the scope of protection provided by the Commodity Exchange Act.
HPC argues that the CFTC, by authorizing Kalshi in May to list a Bitcoin perpetual, expanded the market rather than fragmenting it, creating opportunities for all regulated exchanges, including CME itself.
The coalition warns that if CME prevails in its lawsuit, any future innovation approved by the CFTC would be exposed to litigation from incumbents that prefer the status quo, slowing the development of futures markets in the country.
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