During a joint SEC-CFTC roundtable on regulatory “harmonization” for digital assets and event contracts, a heated exchange escalated into an unforgettable moment.
The panel featured executives from traditional finance giants like CME Group alongside leaders from prediction market platforms, including Polymarket’s Shayne Coplan and Kalshi’s Tarek Mansour. The discussion touched on innovation, compliance, and the future of betting on real-world events—but things got personal when Coplan took a jab at legacy players.
The panel was meant to signal growing legitimacy for platforms like Polymarket and Kalshi in the eyes of regulators. Coplan, the 27-year-old founder of the blockchain-based prediction market that exploded in popularity during the 2024 U.S. election handling over $3.5 billion in bets, was sharing the stage with CME Group CEO Terrence A. Duffy, a 66-year-old veteran of traditional derivatives trading.
Duffy, whose exchange dominates futures markets, represents the old guard. The Jab: As the conversation veered into user accessibility and innovation, Coplan quipped about how consumers are “stuck with guys like you who are a lot older.”
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There’s no way that just happened.
CME Group CEO Terrence Duffy just flipped off Polymarket CEO Shayne Coplan during the SEC-CFTC roundtable.
This is wild. pic.twitter.com/ddnbbCbpbG
— Nick Preszler (@NickPreszler) September 29, 2025
It was a cheeky nod to the generational divide between crypto-native startups and established Wall Street firms, but it landed like a mic drop. Clips circulating on X show Coplan delivering the line with a smirk, prompting laughter from the audience.
Duffy didn’t miss a beat. He responded by flipping Coplan off—middle finger raised—right there on stage. The gesture was quick but unmistakable, captured in multiple attendee-recorded videos that went viral within hours.
Duffy followed up by joking about his weekend “gambling like an addict” on Kalshi, trying to lean into the banter, but the bird-flip stole the show. Coplan appeared unfazed, even grinning in some angles, later posting a cryptic eagle emoji, his signature on X without direct comment.
This wasn’t just theater; it highlighted real tensions: Old vs. New: CME Group has long dominated regulated event contracts like election futures, which they briefly offered in 2024 before pulling back.
Polymarket, unregulated for U.S. users and built on Polygon blockchain, has disrupted that by offering global, crypto-fueled betting on everything from elections to NFL games. Regulators invited both to the table as a nod to “harmonization,” but the flip-off underscored the rivalry—traditional finance sees crypto markets as chaotic threats, while innovators like Coplan view incumbents as outdated gatekeepers.
Polymarket’s rise has been meteoric but rocky. Coplan’s platform accurately “called” the 2024 election early, earning him Decrypt’s 2024 Person of the Year nod. But it also drew scrutiny: The FBI raided his NYC apartment in November 2024, seizing devices amid probes into U.S. user access illegal under current laws.
No charges followed, but it fueled “political retribution” theories tied to its Trump-favorable odds. Reactions on X and Beyond The moment lit up X with over 500K views on key clips by X NickPreszler captured the raw exchange, tweeting “There’s no way that just happened” with a 23-second video showing the flip-off clear as day. It racked up 1.5K likes and 500K+ views.
QuantYang called it Coplan “cooking” Duffy, adding, “Surprised there wasn’t a mention market for this” dubbed Duffy “unhinged,” while CryptoWendyO laughed it off as proof “regardless of wealth or status, they are just people.”
A few voices, like AlvaApp, questioned if it was “just CT banter” (crypto Twitter hype), but the videos and attendee accounts confirm it. Aggregators like rcivNFT listed it in a September 30 crypto newsletter, framing it amid ETF inflows and SEC shifts.
No formal apologies or fallout reported yet—Duffy’s CME hasn’t commented, and Coplan’s stayed coy. But in a world where prediction markets are betting on everything including, ironically, regulatory outcomes, someone should launch a market on “Will this lead to a collab or a lawsuit?”.