Court Denies CMA TRO Bid on Single-Stock Perpetuals, Says CFTC Overreach Claim May Succeed

The denial turns on timing, not merit: the court found no imminent harm but signaled the CMA's core overreach argument is likely to prevail, which keeps the legal question alive rather than resolving it. For venue strategy, the court's characterization of single-stock perpetuals as closer to SEC-regulated swaps than security futures cuts against the CFTC's posture and could reshape which regulator's rules these products ultimately fall under. Whether that jurisdictional read holds through the next stage is the open question, and it matters for any platform weighing product structure against regulatory risk.