HPC submits a legal brief supporting the dismissal of the CME v. CFTC case, arguing the lawsuit could hinder innovation in U.S. perpetual futures.

Hyperliquid Policy Center (HPC) has filed an amicus curiae brief with the U.S. District Court for the District of Columbia, urging the court to dismiss the lawsuit brought by CME against the Commodity Futures Trading Commission (CFTC). The brief was submitted on behalf of Elizabeth Prelogar, former U.S. Solicitor General at law firm Cooley. In May this year, the CFTC approved Kalshi’s launch of Bitcoin perpetual contracts as futures products on its U.S.-regulated trading platform, and confirmed that other U.S. derivatives exchanges could also offer similar digital asset contracts. CME later filed the lawsuit, seeking to overturn the regulator’s decision. HPC contends that CME cannot demonstrate the CFTC’s ruling caused it actual harm, thus failing to meet the standing requirement under Article III of the U.S. Constitution. Furthermore, the Commodity Exchange Act is intended to promote responsible innovation and fair competition among exchanges, and CME’s effort to block rivals from launching new products falls outside the scope of protection provided by this law. HPC adds that the case’s outcome could also affect the entry of perpetual contracts and on-chain platforms like Hyperliquid into the U.S. regulatory system.