CME CEO Warns Crypto Perps Threaten Stability After CFTC Approval

On June 5, CME CEO Terry Duffy reiterated warnings that U.S.-regulated crypto perpetual futures approved by the CFTC on May 29 create systemic risks through extreme leverage and auto-liquidations. The approval for Coinbase and Kalshi triggered a June 2 selloff, with Cboe shares falling 9% and CME/ICE dropping 4%. Meanwhile, perp DEX volumes surged 15% to a $611.57 billion monthly average in 2024, while offshore markets exceeded $90 trillion in 2025, highlighting the shift of high-leverage activity to onshore platforms.