CME Group plans to sue the Commodity Futures Trading Commission over its decision to greenlight crypto perpetual futures, the exchange operator's outgoing chief executive said.
Duffy also pointed to CME's exclusive licenses on key market benchmarks, arguing that rival perps would have to route through CME regardless. He faulted the CFTC, too, for clearing a novel instrument faster than a typical review.
Perpetual futures, or "perps," are derivatives that never expire, relying on periodic funding payments between traders rather than monthly roll dates. They can carry leverage as high as 50-to-1, magnifying gains and losses alike.
Speaking to CNBC, he said he had spent the past eight months preparing the challenge with CME's board, and welcomed the fight. "I'm always up for a good battle," Duffy said. "I've never shied away from one, and I won't shy away from this."
