Americans are getting spoiled with perpetual exchange choice lately. Kalshi, which already offers crypto and commodities perps, just filed to bring that same model to single stocks like Tesla, Nvidia, and Apple. Because US law treats single-stock futures as both a security and a future, an exchange needs sign-off from both the SEC and the CFTC. That dual approval is why Kalshi, Coinbase, and Kraken are all filing now to see who gets equities live first.