Here's how to understand the CFTC equity perp news, simplified: The @CFTC has approved equity perp contracts for the 4 exchanges that have filed requests to approve them: - KalshiEX LLC - Coinbase Derivatives - Bitnomial (Kraken) - Nadex/OG.com All 4 of these exchanges are: 1. CFTC registered exchanges 2. DCMs that clear trades with registered DCOs 3. Also registered with the SEC 4. That previously filed requests for approval of equity-perp contracts. The 4 exchanges have internal standards (which they've formalized and filed with the CFTC) for which equity-perp they can list on their own exchange. Things like - Equity is publicly traded - Sufficient float, trading volume - Reliable pricing to be able to calc funding payments - Market structure resilient to manipulation So the exchanges are *mostly* free to self-certify the markets they want, i.e. all the popular ones. Which is bullish, because we're about to get a lot of onshore equity perps available on US retail platforms like Coinbase, Kraken. btw, @Lighter_xyz will file with the @CFTC this month (per their Q3 investor call) and will very likely be the 5th exchange on this list (and the only crypto-native DEX with a CFTC DCM/DCO license), and is one of the reasons why Lighter is so unique as a project