Kalshi Seeks CFTC and SEC Approval for US Single-Stock Perpetual Futures

Kalshi's move would push perpetual futures — a structure native to offshore crypto venues — into the US regulated perimeter, and the request for joint CFTC-SEC oversight as security futures products is the real test case, since no clear framework exists for no-expiry contracts on single equities. It matters for both crypto-native platforms eyeing US entry and traditional derivatives venues that have kept perps offshore. Whether the two agencies can agree on a single classification, and whether the ag and ETF expansions follow the same path, is the open question.