Terry Duffy says 2,500 self-certifications were submitted to the CFTC since the second Trump administration began, and none were denied by the agency. He cites hot-dog and George Santos contracts as examples that seem susceptible to manipulation, undermining confidence that core principles are actually enforced.
Terry Duffy says a perpetual's funding rate requires longs and shorts to pay each other, and Dodd-Frank defines any two-party payment as a swap. He argues listing them as futures would wrongly give them 1256 tax treatment and lower margin, effectively circumventing Congress.
Terry Duffy rejects the argument that insider trading improves prediction-market information, saying average participants who lack that information lose trust when some traders know more. He compares it to Trump charging $100,000 on Truth Social for faster information and calls that offensive to market credibility.
Terry Duffy says the pandemic was scarier than 2008 because oil demand dried up in a nanosecond and storage was full, forcing CME to defend negative prices on April 20, 2020. He says not knowing how long that would really last was the scary part.
Terry Duffy says the CFTC and SEC are making rules while circumventing Congress, so the next president can easily erase them with a simple pen stroke. He points to President Trump reversing Biden executive orders and argues that actually good regulation must withstand any administration.
Terry Duffy says Jeff Yan argues the Hyperliquid protocol, not its deployers, should be regulated, but the platform has no KYC for users and offers up to 250% leverage. He warns that auto-liquidation can cascade through positions and violate core principle nine's fair market access.
Terry Duffy says true 24/7 markets are inevitable because risk doesn't keep hours, but banks must be open to fund trades. He notes nobody can pre-fund a $76 trillion U.S. equity market on Friday while the banking system remains closed and real-time payments are not enough yet.
Terry Duffy says GPUs are already a trillion-dollar market and will be multiples of crypto by 2030, yet regulators are holding back futures products citing national security. He argues AI and data-center leadership needs risk-offset tools, and he doesn't understand the security rationale.