While everyone is talking about hot inflation, there’s a more interesting battle underway in the US. On November 3, the CFTC allowed perpetual futures on individual stocks to be traded on US exchanges. Almost immediately, a new association of established players—including Cboe and Citadel Securities—sued the regulator, and a judge has already found that the CFTC likely exceeded its authority. Now Coinbase, Kraken, Kalshi, Jump, and DRW have come to the regulator’s defense. In my view, this isn’t really a legal dispute. Perpetual futures are the flagship product of crypto exchanges, and they want to bring them to Wall Street—straight to stocks like Tesla and Nvidia. The established players aren’t protecting investors; they’re protecting their commissions. But crypto isn’t bringing people freedom either—it’s bringing them leveraged stock trading around the clock. Whoever wins in court, the one who opens a leveraged position will pay. Would you trade these stock futures?