Cboe-Backed Group Sues CFTC Over Single-Stock Perps Approvals

A Cboe-backed group has sued the CFTC over its approvals of single-stock perpetual futures, naming Coinbase, Kalshi and Bitnomial as defendants and seeking emergency relief to stop the contracts from being listed as security futures. The complaint escalates a jurisdictional fight over whether the products fall under securities or derivatives rules, threatening to delay or unwind listings at three major venues. The dispute centers on how the contracts are classified, a distinction that determines which regulator oversees them and which rules apply. The case follows the CFTC's approvals of the single-stock perps, which the plaintiffs argue should be treated as security futures. What to watch next is whether the court grants emergency relief before the contracts begin trading, and how the CFTC and the three platforms respond.