Video | CME CEO Complains: Platforms such as trade.xyz are Disrupting the US Market

CME CEO Terry Duffy stated at the CFTC Innovation Advisory Committee meeting that perpetual contracts and 24/7 trading have become an unavoidable trend in traditional finance. He pointed out that decentralized finance platforms like trade.xyz are directly impacting the U.S. market through round-the-clock trading, even though these platforms theoretically cannot serve U.S. users, investors can still access them through various means. Duffy believes that instead of blocking innovation overseas, U.S. institutions should also be able to introduce perpetual contracts and 24/7 markets. He also criticized the current regulation for having a "double standard": some proof-of-stake markets have already been approved, while CME similar products are still stuck in lengthy reviews. Duffy believes that the U.S. needs to protect consumers while creating a more level playing field for both traditional exchanges and emerging platforms; otherwise, innovation will continue to flow overseas.