Kontrak perpetual saham AS tetap diperdagangkan, tetapi hakim meragukan keputusan CFTC

0xnut6 · 2026-11-05T01:02:37.000Z

Pada 3 November, seorang hakim federal menolak menghentikan perdagangan kontrak perpetual saham tunggal di AS, lalu menulis bahwa pihak yang menggugat kemungkinan besar akan menang. Jadi, produk-produk itu tetap diperdagangkan meski argumen hukumnya dipatahkan. Kasusnya: Capital Markets Alliance, yang didukung Cboe dan Citadel Securities, menggugat @CFTC beberapa jam setelah lembaga itu mengizinkan kontrak perpetual saham di Kalshi, Bitnomial, dan Coinbase Derivatives sebagai kontrak berjangka efek. Alasannya, menurut Hakim Valerie Caproni: kontrak perpetual tidak pernah menyerahkan saham pada tanggal mendatang, sehingga tidak memenuhi definisi hukum kontrak berjangka efek. Kontrak itu lebih menyerupai swap, dan swap atas saham tunggal berada di bawah yurisdiksi SEC.

A federal judge refused on Nov 3 to halt US single-stock perps, then wrote that the challengers will likely win. So the products kept trading while losing the legal argument.
The case: the Capital Markets Alliance, backed by Cboe and Citadel Securities, sued @CFTC hours after it cleared stock perps at Kalshi, Bitnomial and Coinbase Derivatives as security futures.
The reasoning, per Judge Valerie Caproni: a perp never delivers a share on a future date, so it fails the legal definition of a security future. It reads as a swap, and swaps on single stocks belong to the SEC.
Why the halt still failed: she found the equities and public interest favored the alliance, but its declarations showed only conjectural harm, not irreparable harm.
What rides on it: the same product already trades offshore. @tradexyz on Hyperliquid did $6.65B in 24h volume this morning, with $4.4B open interest. Its S&P 500 contract alone traded $736M.
The order denied the halt and still called the CFTC approval likely beyond its authority.
$HYPE