Cboe Joins CMA Lawsuit Against CFTC Over Single-Stock Perpetual Futures Approval

The fight is now less about whether single-stock perpetuals exist than about which regulatory regime governs them, and Cboe's entry signals that incumbent exchanges see the CFTC's approval as a precedent worth contesting rather than a one-off. A reclassification as security-based swaps would move these products under securities-market oversight and, by extension, reshape who can list and trade them. The request for a stay is the near-term lever: whether the contracts keep trading during litigation is the open question, and the Southern District's posture will shape how quickly other venues read the CFTC's approval as durable.