The exchange's CEO, Terrence Duffy, argues that they need to be classified as swaps under the Dodd-Frank Act. Perpetual futures allow for betting on the price movements of an asset without directly owning it. In May, the CFTC approved perpetual contracts on BTC and accepted Kalshi's application. Furthermore, the regulator issued a no-objection decision regarding Coinbase Financial Markets' proposal for digital derivatives. Duffy is concerned about the quality of these contracts crafted by crypto firms. He emphasized that the CFTC's review of perpetual futures was completed faster than the usual timeframe for such a new instrument.