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CME Group's CEO, Duffy, Warns of Systemic Risk From New Crypto 'Perps'
CME Group CEO Terry Duffy warned on Thursday that U.S. regulators are creating systemic risk by allowing perpetual cryptocurrency futures, and criticized the Commodity Futures Trading Commission's process for approving the novel products. Speaking at the Global Exchange & Fintech conference hosted by Piper Sandler, Duffy said the CFTC’s approval of "perps," futures products that typically carry large amounts of leverage, was extremely risky for the financial system. "It is a disaster waiting to happen," Duffy said. "I believe the market has been supplanted by the speculation market, and that does not suit ... (full story)
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