CFTC gets into legal clash over stock perps after having cleared path for crypto version

From the source

A group backed by Citadel Securities and other firms sued the U.S. derivatives regulator for opening a path for perps that it argued belong in the SEC's hands. A new organization representing traditional financial firms said it filed a lawsuit against the Commodity Futures Trading Commission on Tuesday to try to stop the agency's approval of single-stock perpetual futures. The stock perps are meant to trade in the same way as the regulator's recent roadmap for crypto perps, but Capital Markets Alliance filed the legal challenge on the same day that the agency announced it was giving a green light to open-ended futures contracts for stocks. Though the industry organization doesn't have a significant history, it said it's backed by leading exchanges, broker-dealers and investment firms, including Cboe and Citadel Securities. Its lawsuit in the U.S. District Court for the Southern District of New York is seeking to eliminate the policy, arguing that the products are securities-based…

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