SEC backs CFTC in court fight over single-stock perpetual futures

The securities regulator filed an amicus brief defending its sister agency against a lawsuit from an industry group whose members include Cboe and Citadel Securities Washington’s two market regulators usually argue over turf. This time, one is defending the other in court. The SEC has filed an amicus brief supporting the Commodity Futures Trading Commission, which is being sued over its approval of single-stock perpetual futures. The lawsuit comes from the Capital Markets Alliance Association, an industry group whose members include Cboe and Citadel Securities. The stakes go beyond one product. The case asks which agency gets to police a new kind of derivative tied to individual stocks. It also decides whether crypto-native venues like Coinbase Derivatives and Kalshi can list it. Start with the product.

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