I've watched the perps fight all year — Tuesday it flipped.
The CFTC cleared single-stock perpetual futures for registered US exchanges — a contract born on crypto venues, with no expiry date and high leverage on tap. Chairman Mike Selig framed it as building on the bitcoin perps milestone from about five months ago.
The same day, the Capital Markets Alliance — backed by Cboe and Citadel Securities — sued in New York court to kill the policy, arguing stock perps are securities-based swaps under the SEC, and that the CFTC failed to explain its reversal. The CFTC called the suit "troubling" interference.
The irony is hard to miss: the swaps-versus-futures argument CME used against crypto perps in June is now aimed at stock perps. If the alliance wins, onshore perps stall; if it loses, the crypto version looks harder to dislodge.
$BTC $76,267 (-0.8%/24h), $ETH $2,244 (-0.5%/24h), Binance spot — tape context only, not a reaction to this suit. NFA, DYOR.
If stock perps are just swaps by another name, should crypto perps expect the same challenge next?
#CFTC #Perps #Regulation #CryptoMarkets #WallStreet
The CFTC cleared single-stock perpetual futures for registered US exchanges — a contract born on crypto venues, with no expiry date and high leverage on tap. Chairman Mike Selig framed it as building on the bitcoin perps milestone from about five months ago.
The same day, the Capital Markets Alliance — backed by Cboe and Citadel Securities — sued in New York court to kill the policy, arguing stock perps are securities-based swaps under the SEC, and that the CFTC failed to explain its reversal. The CFTC called the suit "troubling" interference.
The irony is hard to miss: the swaps-versus-futures argument CME used against crypto perps in June is now aimed at stock perps. If the alliance wins, onshore perps stall; if it loses, the crypto version looks harder to dislodge.
$BTC $76,267 (-0.8%/24h), $ETH $2,244 (-0.5%/24h), Binance spot — tape context only, not a reaction to this suit. NFA, DYOR.
If stock perps are just swaps by another name, should crypto perps expect the same challenge next?
#CFTC #Perps #Regulation #CryptoMarkets #WallStreet