TD Cowen says CME has the upper hand in lawsuit against CFTC over crypto perpetual futures

From theblock.co

CME Group has the stronger legal case in its lawsuit challenging the U.S. Commodity Futures Trading Commission's approval of crypto perpetual futures, with both procedural and substantive arguments in its favor, according to investment bank TD Cowen. The world's largest derivatives exchange sued the CFTC on Thursday after the agency recently approved crypto perpetual futures, or "perps," in the U.S. for Kalshi and Coinbase. CME argues that the Commodity Exchange Act requires a futures contract to involve delivery, or the equivalent, at a set time in the future. Because perpetual futures do not expire, CME contends ... (full story)