6 agencies support CFTC oversight of US stock perpetual futures

Coinbase, Kalshi, Kraken parent Payward, DRW Holdings, Jump Trading and Paradigm have asked a court for permission to file an amicus brief backing CFTC oversight of single-stock perpetual futures. The six firms argue the products should be classified as security futures under the Commodity Exchange Act and the 2000 regulatory framework Congress established for security futures. The dispute matters because it will determine whether the CFTC or the SEC regulates perps that track individual stock prices without requiring ownership of the underlying shares. Watch for the court's ruling on the amicus request and how regulators draw the line between the two agencies' jurisdiction over these derivatives.