The Commodity Futures Trading Commission cleared U.S. exchanges to trade perpetual futures on individual stocks under joint CFTC and Securities and Exchange Commission oversight. Seven platforms hold the required registrations, while Kalshi and Coinbase are expected to launch products shortly. Hours after the decision, the Capital Markets Alliance, joined by Citadel Securities and the Healthy Markets Association among others, filed a lawsuit in federal court in New York. The group argues that the contracts fall under SEC jurisdiction and that the CFTC failed to explain its reversal of an earlier position. The case poses a major challenge to the expansion of stock perpetual futures in the United States.
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