CMA sues CFTC over approval of first U.S. exchange-listed equity perpetual futures

The Capital Markets Alliance, a coalition of major exchanges and market makers, has sued the U.S. Commodity Futures Trading Commission after the regulator formally approved trading in equity perpetual futures tied to individual stocks on a U.S.-registered exchange, The Block reported. According to The Block, CMA named Coinbase, Kalshi and Bitnomial as defendants and sought emergency relief to block the contracts from being listed as security futures. Adam Ford, CMA’s executive director, said a rushed launch of financial products that bypass established regulatory frameworks weakens investor protection and undermines the soundness and resilience of the U.S. financial system. CMA includes Cboe, Citadel Securities and the Healthy Markets Association.