started · updated
CFTC approves equity perpetual futures for US exchanges
The Commodity Futures Trading Commission (CFTC) has announced that equity perpetual futures, which track individual stock prices without a fixed expiration date, can now be traded on regulated US exchanges. CFTC Chairman Michael Selig stated that these products were deemed approved under Regulation 40.3 as security futures products.
To offer these contracts, exchanges must hold a CFTC designated contract market registration and be notice-registered with the Securities and Exchange Commission (SEC) as national securities exchanges. This regulatory framework follows a memorandum of understanding between the CFTC and SEC aimed at improving coordination for products that cross traditional jurisdictional boundaries.
Several platforms have already moved toward implementation. Kalshi has launched its first batch of US stock perpetual contracts covering companies such as Amgen, Costco, McDonald’s, and Qualcomm. Other entities, including Coinbase Derivatives and Bitnomial, have previously submitted applications for similar products.
The decision has faced immediate legal opposition. The Capital Markets Alliance, a group supported by Cboe and Citadel Securities, filed a lawsuit in federal court to revoke the approval. The alliance argues that these instruments should be classified as security-based swaps under SEC jurisdiction rather than security futures. While a federal judge denied an emergency request to halt trading, the court noted that the challengers are likely to succeed in their argument that the CFTC may have exceeded its legal authority.
Entities
Better Markets · Capital Markets Alliance · Cboe Global Markets · Commodity Futures Trading Commission · Kalshi · Michael Selig · Securities and Exchange Commission · United States
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 13 SOURCES] The CFTC approved equity perpetual futures as security futures products under Regulation 40.3. blockcast.it · grenade.tw · www.altcoinbuzz.io · fxnewsgroup.com · cryptobriefing.com · +7 more
- [● 3 SOURCES] The CFTC previously approved Kalshi's Bitcoin perpetual futures on May 29. www.altcoinbuzz.io · insidebitcoins.com · cointelegraph.com
- [● 2 SOURCES] Kalshi has launched its first batch of US stock perpetual contracts covering Amgen, Costco, McDonald’s, and Qualcomm. blockcast.it · grenade.tw
- [○ 1 SOURCE] Better Markets described single-stock perpetual futures as a gambling product. www.cryptopolitan.com
- [● 3 SOURCES] SIFMA requested the SEC and CFTC to review the effects of the products before launch. econotimes.com · www.neweconomy.jp · cryptoslate.com
- [● 7 SOURCES] Cboe and Citadel-backed Capital Markets Alliance argue that single-stock perpetuals are security-based swaps subject to SEC jurisdiction. econotimes.com · blockcast.it · cryptocompass.com · crypto.news · cryptonews.com.au · +2 more
- [● 8 SOURCES] The Capital Markets Alliance filed a lawsuit to revoke the CFTC approval. blockcast.it · grenade.tw · econotimes.com · www.neweconomy.jp · cryptocompass.com · +3 more
- [● 13 SOURCES] Exchanges must be dually registered with the CFTC and SEC to trade these products. blockcast.it · grenade.tw · www.altcoinbuzz.io · fxnewsgroup.com · cryptobriefing.com · +7 more