CME CEO: trade.xyz and Hyperliquid Are Having a Real Impact on the U.S. Market

Odaily News: CME Group Chairman and CEO Terry Duffy said this morning at a CFTC Innovation Advisory Committee meeting that trade.xyz and Hyperliquid are having a tangible impact on the U.S. market. trade.xyz, a leading market builder on the Hyperliquid chain, focuses on perpetual contracts for equities, commodities, and pre-IPO assets, and its trading volume already accounts for a significant share of Hyperliquid's activity. Terry Duffy has previously voiced concerns on multiple occasions regarding leverage and regulatory issues associated with such offshore platforms. Additionally, Terry Duffy clashed with CFTC Chairman Michael Selig and Kalshi Chief Operating Officer Luana Lopes Lara over prediction market regulation. Duffy noted that certain prediction market contracts carry manipulation risks, particularly those listed via self-certification. He pointed out that contracts tied to the content of the President's State of the Union address and the timing of Venezuelan President Nicolás Maduro's departure from office may be susceptible to manipulation, adding that this is detrimental to the entire industry.