The CME Group, the largest derivatives exchange in the United States, has threatened to sue the Commodity Futures Trading Commission (CFTC) over its classification of Kalshi's perpetual contracts. CME's CEO argues that the CFTC has misclassified these contracts, leading to regulatory disputes. In a related development, a federal judge has ruled that prediction markets do not fall under the CFTC's jurisdiction, further complicating the agency's regulatory stance. The ongoing legal challenges suggest that the Supreme Court may ultimately need to resolve the jurisdictional issues facing the CFTC.