ICE CEO Demands Same Rules for On-Chain Perpetuals – This Could Shake the Markets!

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ICE CEO questions unequal treatment of onchain perpetuals market

Intercontinental Exchange (ICE) CEO Jeffrey Sprecher stated the company is seeking the same regulatory oversight as it explores possibilities in the rapidly expanding market for onchain perpetual futures.

Summary

  • ICE CEO Jeffrey Sprecher said regulators should clarify whether traditional exchanges can offer onchain perpetual futures under the same rules applied to existing platforms.
  • CE has held multiple discussions with Hyperliquid as the exchange operator explores opportunities in blockchain-based derivatives markets.
  • Growing interest in 24-hour trading of oil and other assets has pushed regulators to consider how perpetual futures should be supervised, according to Sprecher.

At a May 27th conference hosted by Bernstein, Intercontinental Exchange CEO Jeffrey Sprecher revealed the company is in talks with regulators about using blockchain technology for perpetual futures contracts. They’ve also been meeting with the team at Hyperliquid to learn more about this rapidly developing area of finance.

These remarks from Sprecher follow a Bloomberg report from a few weeks ago detailing conversations between ICE, CME Group, and lawmakers on Capitol Hill. The discussion centered on possible risks associated with Hyperliquid’s trading platforms, especially those involving international oil markets.

Sprecher stated the conversations weren’t about going after Hyperliquid specifically, but rather about ICE figuring out if current rules would allow for similar products to be developed.

Jeffrey Sprecher explained they’re asking regulators if they can proceed with certain actions, questioning why these actions are being blocked when they’re already occurring in practice. He also emphasized the need for fair and equal treatment compared to others in the industry.

Instead of seeing onchain platforms as rivals, ICE has been collaborating with them, explained Sprecher. They’ve been studying how decentralized perpetual markets work, and in turn, helping crypto companies better understand traditional derivatives markets.

“We’re not freaked out about it. We’re actually talking to these people and learning about it.”

ICE explores onchain commodities trading

The Intercontinental Exchange (ICE) is showing interest as more traders are drawn to blockchain-based perpetual futures contracts, which offer continuous market access.

Earlier this month, JPMorgan analysts observed increased activity on Hyperliquid, with people who don’t typically trade cryptocurrency using its markets to buy and sell oil contracts around the clock, even when traditional exchanges are closed.

Recent events in the Middle East have increased focus on trading over the weekend, as significant news often breaks when regular markets are closed, according to Sprecher.

Immigration and Customs Enforcement (ICE) is also partnering with cryptocurrency companies already working in the field. Recently, ICE revealed plans with OKX to introduce oil contracts – specifically, perpetual contracts based on ICE’s Brent Crude and WTI Crude price benchmarks.

Intercontinental Exchange (ICE) has made investments in both OKX, valuing the company at $25 billion and earning them a board seat, and Polymarket, a prediction market platform, with a recent $600 million investment announced in March.

Regulators face questions over market structure

Sprecher also noted that financial regulators will eventually have to determine how perpetual futures built on blockchain technology align with current financial regulations.

Sprecher suggests that regulators have two main options for dealing with perpetual futures: they could create a specific set of rules just for them, or they could treat them like standard swaps, falling under existing laws like the Dodd-Frank Act in the United States and EMIR in Europe.

Hyperliquid Policy Center, a group that advocates for the protocol, believes continuous trading makes markets more efficient. They explain that it eliminates pauses between regular trading hours and enables prices to be established constantly.

There’s growing interest in trading private company shares using blockchain technology. Experts, like Sprecher, are watching the upcoming SpaceX IPO in June to see if prices established on these blockchain markets will affect how the company is valued when it becomes publicly traded.

SpaceX’s potential public listing on June 11th could show if prices from cryptocurrency markets are starting to affect how traditional initial public offerings (IPOs) are valued, according to Sprecher.

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2026-05-29 11:45