CME Sues CFTC as Battle Over Perpetual Futures Heats Up (1)

One day after longtime CME Group Inc.chief Terry Duffy announced he’d take a step back early next year, his exchange empire sued its top regulator in a battle over the surging crypto perpetual futures market.

Duffy’s CME filed a lawsuit against the Commodity Futures Trading Commission and its Chairman Michael Selig on Thursday, alleging Selig overrode congressional direction and “circumvented the regulatory regime” required for approving that type of derivative as a futures product, a more favorable designation that gets better tax treatment than a swap.

It’s the latest escalation in the spat between the industry heavyweight and the ...