Jeffrey Sprecher, CEO of Intercontinental Exchange (ICE), is urging regulators to create a level playing field for the launch of 24/7 on-chain perpetual contracts [1].
This push for regulatory clarity comes as traditional finance seeks to compete with decentralized platforms that operate outside standard market hours. Because perpetual contracts, or "perps," already trade on on-chain venues, the parent company of the New York Stock Exchange is signaling a need for a framework that allows regulated entities to offer similar products [1, 2].
Sprecher said that the industry is observing the growth of these instruments on platforms such as Hyperliquid [1]. The ability to trade continuously without the constraints of a traditional closing bell represents a fundamental shift in how derivatives are accessed and traded [2].
"Regulators need to create a level playing field for launching 24/7 on-chain perps contracts," Sprecher said [1].
Traditional exchanges have historically operated under strict time-bound windows and centralized clearing mandates. In contrast, on-chain perps utilize smart contracts to manage positions and collateral in real time. This structural difference creates a competitive gap between legacy financial institutions and crypto-native platforms [2, 3].
Sprecher said that the traditional finance sector is monitoring these developments to better understand the mechanics of decentralized trading. He said that the two worlds are currently in a state of mutual observation as the technology matures [2].
"We're learning from each other as crypto perps gain ground," Sprecher said [2].
By advocating for a standardized regulatory approach, ICE aims to mitigate the risks associated with fragmented liquidity, and the legal uncertainty that currently surrounds the operation of perpetual swaps in the U.S. [1, 3].
“Regulators need to create a level playing field for launching 24/7 on-chain perps contracts.”
The request from ICE marks a significant shift in the posture of major traditional financial infrastructure providers toward decentralized finance. By acknowledging the utility of on-chain perpetuals, the NYSE parent is effectively admitting that the current regulatory regime may be hindering the ability of regulated U.S. firms to compete with global, decentralized competitors who offer 24/7 liquidity.
