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Story thread · 3 updates · October 29, 2026 → November 3, 2026

CFTC Single-Stock Perpetual Futures Approval Faces Industry Legal Challenge

Where things stand · updated 1h ago

US regulators and legacy financial institutions are clashing over the introduction of perpetual futures on domestic equities.

The Commodity Futures Trading Commission, led by Chairman Michael S. Selig, authorized perpetual contracts on single stocks to trade on venues dually registered with both the CFTC and the SEC. The regulatory opening followed backing from New York Stock Exchange parent Intercontinental Exchange and investor Stan Druckenmiller for Trade.xyz, an initiative to establish a CFTC-cleared venue providing around-the-clock Hyperliquid perpetual futures in the United States.

The expansion into continuous equity derivatives faces immediate pushback from established market operators. Cboe, Citadel Securities, and the Healthy Markets Association have united in a lawsuit challenging the CFTC's approval, seeking injunctive relief to halt the rollout of the authorized single-stock perpetual contracts.

The outcome of the legal challenge will determine whether 24/7 perpetual derivatives can operate within the US regulatory perimeter or remain restricted under federal securities oversight.

Timeline

  1. Cboe Backs Lawsuit Challenging CFTC Approval of Stock Perpetual Derivatives

    Cboe joins Citadel Securities and the Healthy Markets Association to seek injunctive relief against CFTC-authorized single-stock perpetuals.

  2. CFTC Approves Equity Perpetual Futures for US Trading on Dually Registered Exchanges

    Chairman Michael S. Selig announced that perpetual contracts on single stocks may now trade on venues shared by the CFTC and SEC.

  3. ICE Backs Trade.xyz to Launch 24/7 Hyperliquid Perpetual Futures in the US

    The NYSE parent and investor Stan Druckenmiller have backed Trade.xyz to build a CFTC-cleared venue for around-the-clock trading.

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