Wall Street wants crypto’s perpetual futures. The fight is over the rules

Wall Street’s dispute over perpetual futures has brought crypto exchanges, established trading firms and two federal regulators into a fight over contracts tied to individual stocks, after three venues received clearance to list products without a scheduled expiration and a judge questioned the legal basis while refusing an immediate trading halt, leaving the terms of retail access at stake. The Commodity Futures Trading Commission’s November 3 statement described the contracts as security futures under joint CFTC and Securities and Exchange Commission oversight. The Capital Markets Alliance Association argues that their indefinite life makes them security-based swaps subject to a different legal framework. The disagreement goes beyond which regulator’s name appears on the paperwork.

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