On Wednesday, September 9, 2026, CoinGape reported that the Hyperliquid Policy Center (HPC) filed an amicus brief urging a court to dismiss a lawsuit brought by CME against the Commodity Futures Trading Commission (CFTC).
The HPC, which has ties to the Hyperliquid Foundation, cited two alleged defects in CME’s lawsuit and claimed the exchange is attempting to block innovation in the futures market.
The lawsuit in question was filed by CME in June, challenging the CFTC’s approval of the first perpetual futures contract for a U.S.-regulated exchange, Kalshi. The HPC’s brief follows a similar filing by the CFTC last week, which also requested the dismissal of CME’s suit. The CFTC argued that CME had not suffered a plausible competitive injury, contrary to CME’s claims.
The HPC’s amicus brief echoes this sentiment, asserting that CME lacks the necessary injury to establish legal standing. The advocacy group pointed out that CME’s reliance on the doctrine of competitor standing is misplaced, as this doctrine typically applies when government action intensifies competition in a fixed market, leading to a clear economic injury for the plaintiff.
The HPC stated that the CFTC’s order being challenged does not fit this scenario. Furthermore, the HPC argued that CME is an unsuitable challenger because its interests do not align with the provisions of the Commodity Exchange Act (CEA) that it invokes.
The HPC further accused CME of attempting to stifle innovation within the U.S. futures markets. The group highlighted that the CFTC’s approval of the perpetual futures contract on Kalshi signifies that any U.S. derivatives exchange, including CME, has the capability to list similar contracts.
However, CME has chosen not to do so. Instead of allowing other exchanges to make their own commercial decisions, CME has sought judicial intervention. The HPC’s filing aims to counter what it describes as CME’s “anticompetitive effort.”
CME’s core argument in its lawsuit is that these perpetual contracts should be classified as swaps, not futures. Consequently, CME contends that the CFTC improperly approved them without adhering to the formal rulemaking process.
This development occurs as Hyperliquid, an offshore perpetual decentralized exchange, is reportedly considering entry into the U.S. market. CoinGape previously reported that Hyperliquid and Kraken’s parent company, Payward, are in advanced discussions to introduce selected crypto perpetual futures to U.S. traders.
Source: CoinGape
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