CME Group CEO Terry Duffy is warning that the CFTC’s recent approval of perpetual futures contracts for crypto is a serious risk to the market. Speaking at a fintech conference on June 4, 2026, Duffy called the products a “disaster waiting to happen.”
His criticism is aimed at contracts launched by Coinbase and Kalshi after the CFTC used an expedited approval process, reportedly taking just two and a half hours. These products allow traders to use up to 50-to-1 leverage.
Duffy specifically pointed to the funding rate mechanism, which he argues encourages poor behavior and speculation rather than hedging. He contrasted this with CME’s focus on institutional clients.
The news has hit shares of traditional exchanges, including CME and Cboe, as investors eye competition from crypto-native platforms.