CME Group to Sue CFTC Over Approval of Bitcoin Perpetual Futures

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Lawsuit Announcement: CME Group plans to file a lawsuit against the Commodity Futures Trading Commission (CFTC) on Thursday, contesting its approval of perpetual futures in the U.S., with CEO Terrence Duffy stating that the case will argue these products should be classified as swaps under the Dodd-Frank Act.
Classification Dispute: Duffy emphasized that CME believes perpetual futures should be treated as swaps rather than futures contracts, noting that the company's exclusive licensing agreements with benchmark providers require all related products to go through CME, which could reshape market competition.
Market Context: The CFTC's approval of Kalshi to offer Bitcoin perpetual futures in May marked the first time such products were allowed in the U.S. market, while these products have already seen widespread use in international markets; Coinbase also became the first exchange to offer these derivatives to American investors last year.
Legal Challenge Preparedness: Duffy stated that CME has been preparing for this legal battle for eight months and is ready to proceed, emphasizing the company's seriousness about the lawsuit and indicating that CME will not easily relinquish its market position.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	54297.342	57526.171	60834.492	64063.321	67371.642	70600.471	73908.792
Fibonacci	57526.171	60023.362	61566.13	64063.321	66560.512	68103.28	70600.471

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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