Overview
- The Commodity Futures Trading Commission asked a federal court on Sept. 2–3 to dismiss CME Group’s lawsuit that challenges the CFTC’s approval of crypto perpetual futures and argues CME lacks standing to sue.
- Coinbase filed SEC notice registrations dated Sept. 1 to pursue single‑stock perpetuals and submitted a proposal to classify equity perps as security futures so CFTC‑registered venues could list them via SEC notice.
- Ondo Finance sent multiple comment letters arguing existing security‑futures rules can cover stock perpetuals and disclosed roughly $8 billion of offshore stock‑perp volume through a Panama affiliate.
- Kalshi has expanded beyond Bitcoin perps and is preparing a U.S. filing for a WTI crude oil perpetual while the CFTC studies energy perpetuals under a case‑by‑case review process.
- Perpetuals use recurring funding payments rather than expiries to keep prices close to underlying markets, so the court and agency decisions will shape clearing, margin, trading hours and retail access for leveraged, continuous‑trade contracts.