In a bold move, the Chicago Mercantile Exchange (CME) is set to take legal action against the Commodity Futures Trading Commission (CFTC) regarding its recent approval of Bitcoin perpetual futures. Outgoing CEO Terry Duffy has made it clear that he believes these instruments should be categorized as swaps under the Dodd-Frank Act, which governs derivatives trading in the U.S. Duffy's remarks indicate that the exchange plans to file the lawsuit on Thursday, challenging the regulatory classification that could have significant implications for the cryptocurrency futures market. This step highlights the ongoing tension between regulatory bodies and financial institutions in the evolving landscape of digital assets.