Terry Duffy, chief executive of CME Group — operator of one of the world’s largest derivatives exchanges — has characterized crypto perpetual futures, commonly known as “perps,” as “swaps” in an ongoing court fight involving the Commodity Futures Trading Commission (CFTC), the U.S. regulator that oversees derivatives markets.

Perpetual futures are derivative contracts that, unlike traditional futures, carry no set expiration date, and they have become a widely used instrument in cryptocurrency trading. The “swaps” characterization is significant because, under the U.S. derivatives framework, futures and swaps are distinct product categories governed by different sets of rules — placing the classification of perpetual futures at the center of the case.

The dispute drew fresh attention on October 22, 2026, when renewed coverage of the case — in a COINOTAG update issued at 11:37 UTC — confirmed that the court had still not ruled on the CFTC’s September 2 motion to dismiss. Classification questions remain undecided.

With the September 2 motion to dismiss still pending, the court’s ruling on it is the next procedural step to watch, as it will determine whether the litigation moves forward.

This content was first published on COINOTAG: https://en.coinotag.com/cme-ceo-terry-duffy-calls-crypto-perps-swaps-cftc-court-fight