CFTC, is it afraid of volatility or worried about CME stealing business? The 24/7 anxiety in traditional finance feels quite real.

According to Bloomberg, the U.S. Commodity Futures Trading Commission (CFTC) is considering blocking CME from launching a 24/7 trading crude oil futures contract. Sources familiar with the matter say that regulators are concerned that around-the-clock trading could further exacerbate volatility in the crude oil market during times of geopolitical tension, and therefore the product may not receive approval. This move comes as CME and the CFTC's relationship has become tense over the regulation of perpetual crypto futures. Previously, CME CEO Terry Duffy publicly criticized the CFTC for opening a regulatory pathway for perpetual crypto contracts, and CME and Intercontinental Exchange (ICE) have also urged U.S. regulators to rein in unregulated trading platforms.