CME Group sued the CFTC on Thursday over the agency's decision to classify perpetual futures as futures contracts rather than swaps.

CME Group CEO Duffy said perpetual futures should be classified as swaps under the Dodd-Frank Act, which would form the basis of the lawsuit.

CME Group is suing the CFTC over its approval of perpetual futures, arguing they should be classified as swaps under Dodd-Frank. Here's what it means for