The Capital Markets Coalition said Tuesday that it had sued the U.S. Commodity Futures Trading Commission (CFTC), seeking to block the agency from approving single-stock perpetual futures. The lawsuit argues that these products are security-based swaps and should fall under the jurisdiction of the U.S. Securities and Exchange Commission. It also alleges that the CFTC violated the Administrative Procedure Act by failing to explain the policy and why it departed from its previous position. The CFTC did not immediately respond to a request for comment on the lawsuit.