Hyperliquid policy group cites 2 flaws in CME lawsuit

The Hyperliquid Policy Center has asked a federal court to dismiss CME Group’s lawsuit against the CFTC, arguing that the derivatives exchange lacks standing and cannot rely on the Commodity Exchange Act provisions cited in its complaint. Summary HPC says CME has not shown a competitive injury caused by the CFTC’s decision. The group argues CME’s commercial interests fall outside the relevant Commodity Exchange Act protections. CME wants the court to overturn the approval of Kalshi’s Bitcoin perpetual futures contract. The CFTC has separately requested dismissal, with CME due to respond by Oct. 2. Hyperliquid policy group disputes CME’s standing The Hyperliquid Policy Center said in a Tuesday X announcement that it had submitted an amicus brief supporting the Commodity Futures Trading Commission in its legal fight with CME. An amicus filing allows a person or group outside a case to offer arguments that may help the court consider the dispute. HPC, an advocacy group with ties to the Hyperliquid Foundation, based its request on two alleged defects in CME’s case. Its first argument concerns whether CME has suffered the type of injury required to bring the lawsuit in federal court. CM...