According to CoinMeta, CME Group Chairman and CEO Terry Duffy stated that the US approval of perpetual contracts may expose traders to unexpected tax and regulatory uncertainties. He pointed out that if these products are ultimately classified as swaps rather than futures, it will create tax ambiguity that will affect all US participants. Duffy believes that perpetual contracts should be regarded as swaps, as the fund transfers involved comply with the US legal definition of swaps. This comes at a time when CME is engaged in legal challenges with the Commodity Futures Trading Commission (CFTC), and both parties are awaiting a ruling from a federal court, which could significantly impact the way the US regulates perpetual contracts.