THE BLOCK · 2026-11-11 22:06 UTC

SEC enters fight over who regulates perpetual derivatives on stocks in the US

The SEC filed an amicus brief supporting the CFTC after the Capital Markets Alliance, whose members include Cboe and Citadel Securities, sued to overturn CFTC approval of perpetual derivatives on US stocks. The CMA argues the CFTC violated the Administrative Procedure Act and that the products belong under SEC jurisdiction; the SEC says the CFTC is not 'gone rogue' and that the two agencies collaborate closely. Coinbase, Kalshi and Payward applied to list equity perps, and the applications were deemed approved on Nov. 2; crypto firms and Better Markets have filed briefs on the other side.

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