According to The Defiant, the Capital Markets Consortium (CMA), comprised of the Chicago Board Options Exchange (Cboe), Citadel Securities, and other institutions, filed a lawsuit against the Commodity Futures Trading Commission (CFTC) in the Southern District of New York on November 3. The CMA is seeking to overturn regulatory approvals for single-stock perpetual derivatives from Coinbase Derivatives, KalshiEX, and Bitnomial Exchange, and is requesting a temporary restraining order and injunction to prevent the listing of these products. The CMA argues that such contracts, lacking a fixed expiration date or future delivery obligation, should be classified as security swaps regulated by the Securities and Exchange Commission (SEC), rather than security futures, and alleges that the CFTC's approval process violated the Administrative Procedure Act. Previously, CFTC Chairman Michael Selig confirmed on November 3 that the products were deemed approved due to the expiration of the 45-day review period, emphasizing that they fall under the category of security futures regulated by both the CFTC and the SEC. This lawsuit does not directly involve ICE and trade[XYZ]'s planned Hyperliquid-based regulated perpetual contract market in the US, which still requires regulatory approval. However, the outcome of the lawsuit could affect the regulatory path of its stock perpetual contracts. https://wublock123.com/news/cboe-sues-cftc-over-coinbase-kalshi-bitnomial-stock-perpetuals-approval-71271