The CFTC has authorized perpetual contracts on U.S. stocks, leveraged products with no expiration date, paving the way for crypto platforms. Hyperliquid already offers such contracts, while Coinbase and Kraken, through Bitnomial, are seeking positions in this market. Citadel Securities, Cboe and Healthy Markets filed a lawsuit, accusing these platforms of circumventing the financial regulatory framework, and the CME is already pursuing the CFTC. Judge Valerie Caproni ruled that the plaintiffs have a strong chance of succeeding, although she did not suspend the authorizations. Wall Street fears a shift in trading volumes toward crypto platforms, while Europe is considering bringing perpetual contracts under the CFD and MiFID II frameworks.
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