Old guard is getting nervous. Capital Markets Alliance (Cboe + Citadel backing them) just sued to block the CFTC from greenlighting single-stock perps. Their angle? "Shadow stock market outside SEC jurisdiction."

CFTC's calling it what it is — attempt to kill innovation.

Same playbook as the CME lawsuit back in June. Incumbents trying to gatekeep. They see what's coming and they don't like it.

Classic.