Jake Chervinsky accuses CME of protecting derivatives monopoly
Jake Chervinsky has accused CME Group of using a lawsuit against U.S. crypto perpetual futures to protect its position in a market where the exchange reportedly controls about 92% of exchange-traded derivatives volume. According to Jake Chervinsky, chief executive of the Hyperliquid Policy Center, CMEs legal challenge against the U.S. Commodity Futures Trading Commission has exposed what he views as resistance to growing competition in the derivatives market. In a June 19 post on X, Chervinsky called CMEs lawsuit against the CFTC a “shocking miscalculation” and “an unforced error.” He wrote that the exchange had revealed itself as “a petty incumbent monopolist afraid of competition” after being viewed for years as a dominant force in U.S. derivatives markets. His comments came after CME Group sued the CFTC and Chairman Michael Selig over the regulators approval of crypto perpetual futures products in the United States. As crypto.news previously reported, CME argues the agency incorrectly classified perpetual contracts as futures instead of swaps under the framework established by the Dodd-Frank Act. The case follows the launch of regulated perpetual futures products that, according to earlier crypto.news reporting has already generated more than $1 billion in trading volume. Hyperliquid argues CME is resisting new competition In its June 18