Terry Duffy, chief executive of CME Group Inc., addressed the Piper Sandler Global Exchange and FinTech Conference in New York City on June 5, 2025.
Adam Gray | Reuters
In an interview with CNBC’s “Fast Money” on Wednesday afternoon, outgoing CME Group CEO Terrence Duffy announced that the exchange will initiate legal action against the Commodity Futures Trading Commission regarding its recent approval of perpetual futures contracts.
The CFTC granted approval to the prediction‑market platform Kalshi in late May to offer bitcoin perpetual futures, commonly referred to as “perps.” These contracts lack an expiration date and enable traders to bet on price movements without owning the underlying asset. This marks the first U.S. authorization of such instruments, and Kalshi has since broadened its offering to additional cryptocurrencies.
Duffy contended that perpetual futures qualify as swaps under the Dodd‑Frank Act, a classification that will underpin CME’s forthcoming lawsuit, scheduled to be filed on Thursday.
“We hold an exclusive license with every benchmark provider,” Duffy remarked on “Fast Money.” “Consequently, all such products would need to be listed through CME, irrespective of their perpetual nature.”
“They would have to list them as swaps, if that’s how the regulation turns out,” he added.
Duffy, who plans to step down as CEO in March 2027, disclosed that he has been collaborating with his board on this strategy for the past eight months and that he remains “always up for a good battle.”
“I have never backed down from a challenge, and I will not shy away from this,” he asserted. “I am prepared, and I will be prepared to proceed. That is why I chose to announce on your program that we will be filing this litigation tomorrow, as we take this matter seriously.”
The CFTC did not immediately respond to a phone call seeking comment.
Earlier this week, CFTC chair Michael Selig defended his agency’s decision to approve perpetual futures domestically in an appearance on CNBC’s “Fast Money.”
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
Also Read
- Thursday’s Market Movers: Stocks to Watch as Dow Plunges 500 Points Ahead of Key Economic Data]
- Iran War Update: Strategic Agreement Signed to Reshape Regional Dynamics and Open Key Maritime Routes
- Finland’s parliament votes to lift decades-old ban on nuclear weapons in historic NATO defense shift
- NYT Pips Puzzle Solutions and Walkthrough for June 18