Paradigm submitted comments responding to a CFTC request for input on perpetual derivatives, contracts without an expiration date that dominate crypto trading. While the CFTC’s inquiry centered on perps listed by registered centralized entities, Paradigm stressed the transformative potential lies with decentralized finance (DeFi)-based perpetuals traded via blockchain protocols.

DeFi perps are non-expiring futures contracts executed automatically through smart contracts on decentralized networks. These onchain perpetuals offer significant advantages, Paradigm stated. They provide transparency, with funding rates and trade data publicly auditable on the blockchain, and composability, meaning they integrate seamlessly with other DeFi tools like lending protocols. Users also retain custody of their assets, minimizing counterparty risk.

By 2025, Paradigm explained that perpetuals accounted for 93% of all crypto derivatives volume globally. Despite their prevalence and benefits, DeFi perpetuals operate in a U.S. regulatory gray area, Paradigm noted. The CFTC’s existing framework, designed for traditional markets, is ill-suited for decentralized systems. Past enforcement actions inconsistently classifying DeFi perps as swaps create uncertainty and stifle innovation.

Paradigm urged the CFTC to convene a new Perpetuals Special Advisory Committee (PSAC) within 90 days. This panel of experts should deliver concrete recommendations for a modern, tech-neutral regulatory approach for DeFi perpetuals. Key areas for the PSAC include exploring a public interest exemption from traditional exchange registration for DeFi protocols, creating a tailored compliance framework recognizing decentralized structures, and establishing clear rules enabling safe retail participation.

The firm emphasized that embracing DeFi perpetuals aligns with a recent executive order promoting digital asset innovation. Paradigm contends that providing regulatory clarity is essential for the U.S. to lead in the evolving derivatives market and harness the potential of decentralized technologies.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。