ICE Pushes for Equal Rules as Onchain Perpetual Futures Gain Ground
Intercontinental Exchange (ICE) is calling for clearer and more balanced regulations around onchain perpetual futures trading as decentralized platforms continue attracting global traders.
Speaking during a Bernstein conference on Wednesday, ICE Chair and CEO Jeffrey Sprecher said the company has been engaging with the team behind Hyperliquid to better understand the fast-growing blockchain-based derivatives sector. The comments come after reports suggested ICE and CME Group had discussed potential risks tied to Hyperliquid with U.S. regulators.
Sprecher clarified that the discussions were less about targeting Hyperliquid and more about determining whether established exchanges can legally participate in the same market. According to him, ICE wants regulators to explain why traditional firms face restrictions while decentralized platforms continue operating globally.
He said ICE is interested in expanding further into the onchain perpetual futures sector and wants a regulatory framework that treats all market participants fairly. Sprecher added that if regulators consider such products lawful, major exchanges should also be allowed to compete in the space under equal conditions.
ICE has been actively exploring opportunities connected to crypto and blockchain markets. Sprecher noted that the company has held several meetings with Hyperliquid’s team, describing the conversations as collaborative efforts to understand each other’s industries rather than adversarial exchanges.
Interest in perpetual futures tied to commodities has accelerated recently, especially as traders use 24/7 crypto-based markets to react to geopolitical developments outside traditional trading hours. Market observers have pointed to rising weekend activity in oil-related perpetual contracts during periods of tension in the Middle East.
The exchange operator is also partnering with OKX to launch oil perpetual products linked to ICE’s Brent Crude and WTI benchmarks, highlighting its growing involvement in blockchain-powered financial products.
Sprecher said regulators now face a major decision over how perpetual futures should be classified. Authorities could either create a new regulatory category for these products or fold them into existing derivatives frameworks such as swap regulations in the United States and Europe.
Meanwhile, supporters of Hyperliquid argue that around-the-clock trading improves price discovery and market transparency compared with traditional exchange hours.
Sprecher also pointed to the upcoming SpaceX IPO as a possible test for how onchain prediction and perpetual markets influence public listings. Platforms built on Hyperliquid have already introduced pre-IPO perpetual contracts tied to SpaceX and other private firms, potentially creating new signals ahead of public market debuts.
ICE has steadily increased its crypto exposure through investments in companies such as OKX and prediction market platform Polymarket, signaling the firm’s broader ambitions in digital asset infrastructure.