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EVENT / TOPICHistorical

CME Group CEO Says Crypto Perps Are Swaps, Sues CFTC for Approval

1 reports1 sources10/22/2026 updated

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CME Group CEO Terry Duffy argues that perpetual contracts are effectively swaps rather than perpetual futures, filing a lawsuit against the CFTC to challenge their classification. Duffy contends that funding rates make these instruments qualify as swaps, a stance that contrasts with the CFTC's recent approval of Kalshi's BTC perpetual futures. The legal action seeks to redefine the regulatory framework for crypto derivatives trading.

Written with AI from the reporting · updated 10/22/2026

Latest developmentOct 22, 10:05
CME CEO Terry Duffy argues crypto perps are swaps and sues CFTC over contract classification
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  1. 1Unclassified fact stationOct 22, 00:00recorded Oct 22, 10:23single source

    CME CEO称永续合约为交换品而起诉CFTC

    Read original source ↗ BeInCryptoReplay this moment in the explorer
    Evidence & revisions · 1 source records
    Subject：
    CME Group CEO Terry Duffy
    Action：
    声称永续合约为交换品并起诉CFTC
    Object：
    CFTC分类永续合约
    Occurred (fact side)：
    Oct 22, 00:00
    BeInCrypto ↗Report pageOriginal / first version
    Published (valid side)：
    Oct 22, 10:05
    First seen (known side)：
    Oct 22, 10:23
    Fact stationSingle source · one-sided claim

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Oct 22
  1. BeInCryptoRelated fact: single source
    CME CEO Terry Duffy argues crypto perps are swaps and sues CFTC over contract classification

    Report first recorded Oct 22, 10:23

    CME Group CEO Terry Duffy asserts that crypto perpetual futures, or perps, are essentially swaps, a classification that would subject them to stricter post-2008 regulations. CME is suing the Commodity Futures Trading Commission (CFTC) for this classification, despite the CFTC previously approving a Bitcoin (BTC) perp from Kalshi as a futures contract on May 29. Duffy bases his argument on the funding rate, stating, "And that is the definition of a swap." A court ruling on this classification could impact customer collateral protection and support futures-style tax treatment, according to law firm Cahill.

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