On October 16, 2026, the Commodity Futures Trading Commission filed a brief in federal court asking Judge Colleen Kollar-Kotelly to dismiss CME Group's lawsuit concerning cryptocurrency perpetual futures.

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Judge Alvin K. Hellerstein ruled under Federal Rule of Civil Procedure 60 that newly acquired knowledge of facts existing when the January 2025 consent order was entered does not constitute a significant change in factual circumstances

The CFTC filed a lawsuit in 2022 alleging Gemini Trust Company made false or misleading statements of material fact in 2017 regarding a Bitcoin futures contract relying on Gemini auction prices

The Commodity Futures Trading Commission approved Kalshi's Bitcoin BTCPERP contract on May 29, 2026, marking the first approval of perpetual futures on a regulated U.S. exchange

Perpetual futures rely on periodic funding payments between long and short traders to keep contract prices aligned with spot market prices, alongside margin requirements that trigger automatic liquidation if thresholds are breached

The Commodity Futures Trading Commission cleared perpetual futures contracts earlier in 2026 for both Coinbase and Kalshi, allowing Webull to plug into Kalshi's approved venue without seeking its own regulatory approval

Webull announced on October 20, 2026, that it will launch Bitcoin and selected crypto perpetual futures to eligible U.S. customers in November 2026

On September 25, 2026, the U.S. Court of Appeals for the Sixth Circuit ruled in KalshiEx LLC v. Schuler that sports event contracts are not swaps under federal law and that the Commodity Exchange Act does not preempt Ohio sports gaming laws

On October 9, 2026, the CFTC issued an interim final rule excluding casino-style gambling from the federal definition of swap while publishing a proposed rule explicitly incorporating event contracts

Polymarket US seeks declaratory relief stating Ohio's gambling laws are unconstitutional and preempted, alongside preliminary and permanent injunctions against Ohio officials

Commodity Futures Trading Commission staff permitted Coinbase to route U.S. clients to perpetual futures listed on Coinbase's offshore affiliate Deribit

Webull plans to make crypto perpetual futures available to its broader base of over 6 million clients and expand its product menu beyond cryptocurrency subject to regulatory review

Polymarket US argues in its complaint that the CFTC's October 9, 2026 regulatory actions—an interim final rule and a proposed rule—altered the legal landscape established by the Sixth Circuit's September 25 ruling against Kalshi

Perpetual futures differ from traditional futures because they have no expiry date, allowing traders to hold positions indefinitely without rolling over contracts

Global perpetual futures volume topped $90 trillion in 2025, according to statements by Webull US CEO Anthony Denier

Polymarket US asserts that the Commodity Exchange Act grants the CFTC exclusive regulatory jurisdiction over event contracts listed on federally designated exchanges

CME filed a lawsuit against the CFTC on June 18, 2026, arguing that perpetual contracts without expiry dates must legally be classified as swaps rather than futures

The Commodity Futures Trading Commission responded in court on October 16, 2026, asking to reject CME's lawsuit filed on June 18, on the grounds that CME failed to demonstrate imminent competitive harm

The U.S. Court of Appeals for the Third Circuit ruled in favor of Kalshi against New Jersey on federal preemption, prompting New Jersey to petition the U.S. Supreme Court for review

CoinGecko estimated global centralized crypto perpetual trading volume at $85.3 trillion in 2025, while perpetual open interest grew 40.6% to over $100 billion in Q3 2026

The Financial Conduct Authority opened applications for a new UK cryptocurrency regulatory regime on September 30, 2026, ahead of rules coming into force on October 25, 2027.