The DRW founder says high leverage and risky features are exchange design choices, not inherent traits of perps themselvesDon Wilson, the founder and CEO of trading giant DRW, went on a tear against regulators over their understanding of perpetual futures. His core argument is deceptively simple: perpetual futures are just futures contracts without expiration dates. With real-time settlement technology, margin requirements can be recalculated continuously rather than at fixed intervals. Wilson has a lengthy history of interacting with US regulators, including past legal disputes with the CFTC. Prediction market platform Kalshi has proposed expanding into precious metals perpetual futures, signaling that interest in regulated perp products is growing beyond crypto’s borders.