DeFi Perps Deserve a Path Forward in the US: Paradigm Responds to the CFTC’s Per

Paradigm has filed a comment letter asking the Commodity Futures Trading Commission to include decentralized finance (DeFi) in any durable framework for trading and clearing perpetual derivatives. The letter notes that perpetuals accounted for 93 percent of all crypto derivatives volume in 2025, and that most of that trading happens on DeFi protocols, which the CFTC's request does not address. Paradigm asks the CFTC to create a Perpetuals Special Advisory Committee and give it 90 days to report on how DeFi perpetuals can operate in a tech-neutral U.S. regime. The letter highlights a public interest exemption, a compliance framework suited to decentralized operators, and a U.S. pathway for retail users.