CME's Terry Duffy says U.S. crypto perpetual futures pose systemic risk after May 29 approval

CME Group CEO Terry Duffy said on June 4 that allowing U.S. investors to trade perpetual crypto futures could create systemic risk and destabilize broader markets. The CFTC approved the first U.S.-regulated perpetual futures contract from Coinbase and Kalshi on May 29, and exchange stocks later slid, including Cboe down 9% on June 2 and CME and ICE about 4%. Analysts said institutional uptake may stay limited because perps are geared more toward retail speculation than hedging.