Hyperliquid Policy Center has filed a legal brief in federal court in Washington, D.C., asking the court to throw out a lawsuit brought by CME against the U.S. Commodity Futures Trading Commission, according to Hyperliquid News. The dispute stems from the CFTC’s earlier approval allowing Kalshi to offer regulated cryptocurrency perpetual contracts in the United States. CME had previously challenged that regulatory decision in court. In its filing, Hyperliquid’s policy arm sided with the CFTC and argued that CME’s case should be dismissed. The move places Hyperliquid Policy Center directly behind the regulator in a case tied to the legal treatment of crypto perpetual products in the U.S. market.

CME Group has introduced two multi-asset cryptocurrency benchmark indices. The CME CF Emerging Cryptocurrency Index excludes Bitcoin and Ethereum and tracks 10 tokens: BNB, XRP, Solana, Hyperliquid, Chainlink, Stellar Lumens, Sui, Uniswap, Avalanche, and Aave. The CME CF Cryptocurrency Market Index adds Bitcoin and Ethereum for a total of 12 tokens. Both indices are free-float market-cap weighted, with semi-annual reviews in June and December. Real-time index values are calculated every second, and daily settlement versions are published at 4:00 PM in London, New York, and Singapore/Hong Kong time. The indices can be licensed for investment funds and derivatives, further expanding CME's multi-asset crypto product offerings. This development is based on a report from crypto.news.

XRP has climbed about 40% in the past two weeks, from roughly $0.99 to $1.38, according to CoinDesk via ChainCatcher. But futures positioning tells a more mixed story. Total XRP futures open interest contracted 16% to about 2.34 billion tokens, with CoinGlass data showing declines across most exchanges. CME was the exception, lifting its open interest about 36% to 387 million tokens and raising its share of the market from 10% to 17%. CFTC positioning data, as of Aug. 25, shows leveraged funds increased net shorts to roughly 116 million tokens, more than double the prior week's 57 million. Dealers and asset managers took the other side, adding net longs of about 60 million and 28 million tokens, respectively. The shift comes before a procedural Senate vote on the U.S. CLARITY Act, expected around mid-September. The bill fueled a roughly 5% XRP pop when it passed the Senate Banking Committee in May.

Crypto markets spent the past 24 hours balancing ETF flow data, shifting rate expectations and a fresh batch of regulatory and infrastructure developments. U.S. spot Bitcoin ETFs posted $201.9 million in net outflows on Aug. 28, ending a nine-session inflow streak that began in mid-August. Spot Ether ETFs moved the other way, taking in $102.1 million that day and stretching their run of positive flows to 10 straight sessions. According to SoSoValue, weekly flows still remained strong for both products, with Bitcoin funds adding $924 million over the Aug. 24-28 trading week and Ether funds bringing in $824 million. Macro pressure also remained in focus. Bitcoin held near $78,000 while the dollar strengthened and the yen slipped through 160 against the U.S. dollar. Ahead of Friday’s U.S. nonfarm payrolls report, CME FedWatch data showed traders assigning better-than-even odds to two Fed rate hikes this year. In parallel, Bank of England Governor Andrew Bailey warned G20 finance officials that frontier AI models could magnify cyber risks and expose already stretched financial markets to more severe disruptions. Elsewhere, Ireland moved to exclude crypto from a planned tax-advantaged investment account, Japan’s Financial Services Agency proposed easing reporting rules for trust-based stablecoins from fiscal 2027, and several market structure stories landed at once, from DTCC’s tokenization timeline and CME’s new crypto indexes to exchange inflows, venture financing, and fresh security incidents on Fogo and Cronos.

CME Group on Monday rolled out two multi-asset cryptocurrency benchmarks, adding a broad market index and a separate gauge built to track large crypto assets outside Bitcoin and Ether. The more distinct of the two, the CME CF Emerging Crypto Index, excludes BTC and ETH and follows 10 assets: BNB, XRP, SOL, HYPE, LINK, Lumens, SUI, UNI, AVAX and AAVE. Its companion, the CME CF Crypto Market Index, includes those same 10 assets plus Bitcoin and Ether, according to CME’s index FAQ. CME said the real-time versions of both indexes are calculated every second, 24 hours a day. Settlement versions are published once daily at 4 p.m. in London, New York and Singapore/Hong Kong. Both indexes use free-float market capitalization weighting and are reviewed on the first business day of June and December. The methodology for the Emerging Crypto Index requires custody access, excludes meme coins, and applies a protocol-usage screen based on total value locked relative to full market capitalization. CME’s materials also say the benchmarks are structured for financial products, passive fund replication, and derivatives settlement, extending a product path the exchange has already used with its Nasdaq CME Crypto Index futures.

CME Group on Monday rolled out two multi-asset cryptocurrency benchmark indexes, adding a broader reference point for the digital asset market and a separate gauge focused on major tokens outside Bitcoin and Ethereum. The first, the CME CF Emerging Crypto Index, excludes BTC and ETH and tracks 10 assets: BNB, XRP, SOL, HYPE, LINK, XLM, SUI, UNI, AVAX and AAVE. The second, the CME CF Crypto Market Index, adds Bitcoin and Ethereum to that same basket. Both indexes use free-float market-cap weighting and will have constituent reviews and rebalancing every six months. Their real-time versions are calculated once every second on a 24/7 basis, while settlement versions are calculated once a day and published at 4 p.m. in London, New York, and Singapore/Hong Kong. CME said the methodology for the emerging index requires assets to be custody-eligible, excludes meme coins, and applies a protocol-usage screen based on the ratio of total value locked to total market capitalization. Under the initial inclusion framework, assets that do not yet meet generic U.S. national securities exchange crypto ETF listing standards but are expected to become compliant within 30 days may enter the index with a combined cap of 10%. CF Benchmarks said the index can be licensed for financial products, investment funds, or derivatives.

Chicago Mercantile Exchange (CME) said it has teamed up with cryptocurrency index provider CF Benchmarks to roll out two new multi-asset crypto indexes. The new products are the CME CF Emerging Crypto Index and the CME CF Crypto Market Index. According to CME, the Emerging Crypto Index excludes Bitcoin and Ether and tracks 10 assets: BNB, XRP, SOL, HYPE, LINK, XLM, SUI, UNI, AVAX, and AAVE. The CME CF Crypto Market Index, by contrast, includes 12 assets and keeps Bitcoin and Ether in the basket. The announcement was made in a post published by CME. The source text did not disclose additional methodology, weighting details, or launch timing beyond the statement that the two indexes have been introduced in partnership with CF Benchmarks.

The U.S. Securities and Exchange Commission has put its earlier approval of Nasdaq PHLX’s bitcoin index options on hold while it reviews a challenge from CME Group over which regulator should oversee the product. The dispute centers on whether cash-settled bitcoin index options tied directly to bitcoin’s value fall under the SEC or the Commodity Futures Trading Commission. The SEC had conditionally approved the product in May, allowing Nasdaq PHLX to list the contract under the ticker QBTC. CME objected in June, arguing that because bitcoin is treated as a commodity, options directly linked to its value should fall within the CFTC’s exclusive jurisdiction. The SEC accepted CME’s petition for review on July 29 and suspended the approval pending a final decision. The agency is also seeking public comment, with submissions due by Aug. 24. The outcome could determine whether Nasdaq can move forward with QBTC as structured, whether it would need to seek a CFTC-regulated venue for futures or swaps, or whether the contract would need to be redesigned around a security such as a spot bitcoin ETF.