CME CEO Criticizes Decentralized Platforms for Challenging U.S. Markets

CME CEO Terry Duffy stated at the CFTC Innovation Advisory Committee meeting that perpetual contracts and 24/7 trading have become unavoidable trends in traditional finance. He noted that decentralized finance platforms like trade.xyz are directly challenging the U.S. market through round-the-clock trading, even though these platforms are theoretically prohibited from serving U.S. users—investors still find ways to access them. Duffy argued that rather than blocking innovation overseas, U.S.-based institutions should be allowed to offer perpetual contracts and 24/7 markets. He criticized the current regulatory framework for applying a "double standard," pointing out that certain prediction markets based on computational power have already been approved, while CME’s similar products remain stuck in prolonged review. Duffy believes the U.S. must create a more level playing field for both traditional exchanges and emerging platforms while protecting consumers; otherwise, innovation will continue to flow overseas.