Judge Leaves U.S. Stock Perpetual Futures Approvals in Place for Now

A federal judge kept approvals for U.S. stock perpetual futures in force for now, denying an emergency block while finding challengers likely to prevail on their claim that the CFTC exceeded its authority. U.S. District Judge Valerie Caproni denied the Capital Markets Alliance Association’s request for a temporary restraining order targeting CFTC approvals for products tied to KalshiEX, Coinbase Derivatives and Bitnomial. She issued the order Tuesday, Nov. 3. Caproni wrote that the contracts did not appear to qualify as security futures because they lack a provision for the future sale of a single security. Instead, she said, they appeared to fit the definition of swaps, which are overseen by the Securities and Exchange Commission.

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