Cboe-backed group sues CFTC to block Coinbase and others from launching single-stock perpetual contracts

Following the U.S. Commodity Futures Trading Commission’s (CFTC) approval of single-stock perpetual contracts, a Cboe-backed coalition has filed a lawsuit in federal court and requested emergency relief to block the listing of such contracts as security futures. According to The Defiant, defendants in the case include Coinbase, Kalshi, and Bitnomial—where Kalshi is a CFTC-regulated prediction market platform and Bitnomial focuses on crypto derivatives trading. The plaintiffs are seeking emergency relief to halt the listing process before these contracts officially go live.