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CME Group CEO Terry Duffy said cryptocurrency perpetual futures should be classified and regulated as swaps rather than traditional futures contracts, according to BeInCrypto.
In a recent interview, Duffy said the funding rate mechanism used in perpetual futures matches the characteristics of swap contracts. He added the products therefore need to be subject to tougher swap regulations introduced after the 2008 global financial crisis. Duffy also pointed to the lack of clear regulatory standards to control leverage, particularly as some overseas crypto exchanges allow trading at up to 250x leverage.
CME previously sued the U.S. CFTC over its approval of perpetual futures listings by prediction-market platforms including Kalshi. The CFTC had argued CME lacked standing to sue, saying CME trading volumes had increased after the approvals.