On November 3, the CFTC confirmed that perpetual futures on individual stocks may be traded on regulated U.S. exchanges, classifying them as security futures products under Regulation 40.3. That same day, the Capital Markets Alliance, backed by Cboe, Citadel Securities, and the Healthy Markets Association, sued the CFTC in New York, arguing that these are security-based swaps under the SEC’s exclusive jurisdiction. The case raises a structural question for the market: where does innovation in derivatives end, and competition between regulators begin? For the crypto ecosystem, where perpetuals originated, the outcome will set the pace for institutional adoption of this instrument in the U.S.
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