ChainCatcher reported, citing market information, that Terry Duffy, chief executive officer of CME, is set to step down. Following the news, CME shares fell 4% in premarket trading. The report did not provide additional details about the timing or structure of the departure.
Duffy’s Earlier Criticism of Crypto Perpetual Contracts
Duffy had previously said he was “very concerned” about perpetual contracts that had recently received regulatory approval in the United States. He argued that perpetual contracts have almost no practical use for institutional investors, while exposing retail traders to excessive risk.
He also said he “completely disagreed” with the Commodity Futures Trading Commission’s decision to approve the first crypto perpetual contracts after a rapid review. Duffy further warned that perpetual contracts and prediction markets are driving a wave of retail speculation.