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CFTC clears perpetual futures on stocks, bringing crypto trading model to Wall Street
Developing story first seen 12 hours ago
New coverage clarifies that equity perpetual futures are classified as security futures products under the Commodity Futures Modernization Act of 2000, placing them under joint CFTC and SEC oversight. The CFTC says contracts tied to individual stocks can now begin trading on its registered exchanges, bringing an expiry-free, leveraged product common in crypto markets to US equities.
Chairman Michael Selig described the approval as part of a push to bring perpetual products onshore, following the agency’s approval of bitcoin perpetual futures for Kalshi earlier this year. A March memorandum of understanding between the CFTC and SEC helped resolve uncertainty over their respective roles. The article does not name exchanges that will list the stock contracts, though Coinbase has filed to list contracts linked to Apple, Tesla and Nvidia.
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In short
- Stock perpetual futures can trade on CFTC-registered US exchanges.
- The contracts fall under joint CFTC and SEC oversight.
- Coinbase has filed to list contracts on three major shares.
How this story developed
- 15 minutes ago On 3 November 2026, the US Commodity Futures Trading Commission said perpetual futures linked to individual shares could begin trading on eligible US exchanges for the first time.
- 1 hour ago New coverage clarifies that equity perpetual futures are classified as security futures products under the Commodity Futures Modernization Act of 2000, placing them under joint CFTC and SEC oversight.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Allowing perpetual futures on shares through eligible, regulated US exchanges could give traders a convenient way to take positions without owning the underlying stock, while bringing activity that might otherwise occur offshore under US oversight. Supporters may also see the decision as extending familiar derivatives markets and offering more choice in how investors manage exposure or risk.
The case against
Critics may argue that share-linked perpetual futures could encourage highly leveraged speculation, exposing traders to amplified losses without the ownership rights that come with shares. They may also question whether existing rules and dual-agency oversight will adequately manage the risks of a novel product, particularly before its listings and practical safeguards are clear.
Explained simply
A futures contract lets traders bet on the price of an asset without buying or selling the asset itself. Unlike traditional futures, which end on a set date, perpetual futures have no fixed expiry and are a format widely used in cryptocurrency trading.
In the US, the Commodity Futures Trading Commission oversees futures markets, while the Securities and Exchange Commission regulates shares and securities markets. Stock-linked futures fall under both agencies’ oversight, and exchanges offering them must be registered with the SEC.
These contracts could give traders a regulated US venue for taking positions on individual shares without owning them. Because they can involve leverage, losses can grow as well as gains.
Coverage · 3 sources
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