CFTC Chairman Michael Selig said Americans can trade perpetual futures on individual stocks on eligible exchanges, but the product is not broadly available yet. The contracts are classified as security futures products under joint CFTC and SEC oversight. A venue must be both a CFTC-designated contract market and separately registered with the SEC for security futures; the source says seven entities meet both requirements.
Hours after the statement, the Capital Markets Alliance sued to overturn the policy, arguing that stock perpetuals are swaps under SEC authority and that the CFTC had not explained a reversal of its earlier position. Kalshi has filed to offer contracts on 56 to 58 stocks and expects to launch within days; Coinbase has filed to list contracts on Apple, Tesla and Nvidia. Those filings and the expected launch are not completed trading.
