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Perps, Explained: The Trillion-Dollar Market Most People Have Never Heard Of

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Ryne Miller spoke to the Law of Code Podcast on the history and mechanics about perpetual futures (perps). On May 29, 2026, the...

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Ryne Miller spoke to the Law of Code Podcast on the history and mechanics about perpetual futures (perps). On May 29, 2026, the Commodity Futures Trading Commission issued <a href="https://www.cftc.gov/PressRoom/PressReleases/pr-9242-26" target="_blank">a policy statement</a> describing how U.S. firms can engage in crypto perpetual futures contracts. Ryne contributes to the episode on the topics of <a href="https://share.descript.com/view/T1fMs9yBggH" target="_blank">delivery dates</a>, <a href="https://share.descript.com/view/NgbaDHXYspI" target="_blank">futures standardization</a>, <a href="https://share.descript.com/view/69aZ3U406IJ" target="_blank">the history of CFTC</a>, and the <a href="https://share.descript.com/view/3s1VpeXdSLB" target="_blank">settlement and futures</a> (links to video clips). View the <a href="https://www.youtube.com/watch?v=9jN5bUk4ewI" target="_blank">entire video on YouTube</a>.

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Ryne Miller is a partner in the firm’s Financial Services Group, advising global trading and markets businesses, financial institutions, and fintech companies on complex regulatory, governance, investigative, and transactional matters. He is widely sought for his experience across traditional and emerging markets, including commodities, derivatives, securities, digital assets, and prediction markets. Ryne delivers clear, commercially focused guidance to help clients achieve strategic objectives and is valued for his longstanding relationships with market participants and regulators across the trading and markets industry. Clients rely on Ryne’s deep experience with the regulatory and enforcement programs of the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission, FINRA, National Futures Association, FinCEN, Department of Justice, and other federal and state regulators. Executives consistently seek his judgment on high-stakes matters involving investigations, governance, strategic relationships and negotiations, and crisis and incident response. Ryne is a frequent speaker at trading and markets industry events, a guest lecturer at leading U.S. law and business schools, and has testified before Congress on digital asset market structure regulation. He has also participated in a CFTC roundtable on the evolution of U.S. derivatives market structure. Before joining Morrison Foerster, Ryne served as chair of the Commodities, Futures & Derivatives Group and co-chair of the Fintech, Crypto, Trading & Markets Group at another leading law firm. Earlier in his career, he was a New York-based partner and co-head of the Commodities and Derivatives practice at an Am Law 10 firm, served as legal counsel to a former chairman of the CFTC, and was general counsel to a U.S. financial services and digital assets business.