Cboe and Citadel-Backed Group Sues CFTC Over US Stock Perpetual Futures

A group backed by Cboe and Citadel Securities has filed a lawsuit challenging the Commodity Futures Trading Commission's approval of perpetual futures linked to US equities.
The legal action reportedly came on the same day the products received regulatory approval.
According to the court filing, the plaintiffs argue that stock-linked perpetual futures qualify as security-based swaps and therefore fall under the Securities and Exchange Commission's jurisdiction rather than the CFTC's.
The dispute highlights uncertainty over how perpetual derivatives should be regulated as products associated with cryptocurrency markets expand into traditional equities.
The lawsuit does not establish that the approval was unlawful. Its outcome could influence the regulatory framework for future US equity-linked derivatives.