The U.S. Commodity Futures Trading Commission has temporarily blocked CME Group’s planned launch of 24/7 crude oil futures, citing the need for further regulatory review. The CFTC invoked its authority under existing rules to halt the self-certified filing, stating that exchanges planning significant structural changes should work with the agency beforehand. Chairman Michael S. Selig emphasized that the ‘one-size-fits-all’ approach to 24/7 trading is inappropriate and that different asset classes require separate consideration.
The delay adds to ongoing disagreements between CME and the regulator. CME previously considered legal action after the CFTC approved crypto perpetual futures for prediction market operator Kalshi, with CME arguing those contracts should be regulated as swaps. Critics, including Hyperliquid Policy Center CEO Jake Chervinsky, called the lawsuit a miscalculation, noting CME controls roughly 92% of U.S. exchange-traded derivatives volume. Despite the crude oil setback, CME still expects to launch its Treasury Link platform in Q4 2026, pending approval.
Meanwhile, Kalshi is seeking regulatory approval to expand its perpetual futures into gold, foreign exchange, and energy markets, building on its May launch of U.S.-regulated crypto perpetuals. The company aims to attract both retail and institutional traders, directly challenging incumbents like CME and Robinhood. Chief Risk Officer Udesh Jha said gold is a top priority due to broad demand, with forex and energy to follow, driven by geopolitical and seasonal trends.
