The CME Group said that it plans to file a lawsuit against the Commodity Futures Trading Commission (CFTC) over the agency’s approval of crypto perpetual futures, setting up a direct legal confrontation between the world’s largest futures exchange operator and its own regulator.

Outgoing CME CEO Terrence Duffy made the announcement on CNBC’s “Fast Money,” saying the company would file litigation today. CME later confirmed the plans to Reuters. The lawsuit targets the CFTC’s decision in late May to allow prediction market platform Kalshi to offer bitcoin perpetual futures — a first for the United States.

At the center of the legal argument is a classification…

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