The CFTC had just approved perpetual contracts for US stocks when Cboe and Citadel Securities immediately sued the regulator—the first time crypto exchanges had directly clashed with Wall Street's derivatives moat. On the same day, four exchanges, including Kalshi and Coinbase, had already listed on tech giants like Nvidia, Apple, and Tesla; these giants countersued, not over whether perpetual contracts should be used, but rather whether they should be classified as securities futures or securities swaps—if classified as the latter, retail investors' access would be virtually blocked. Behind this lies real money: Cboe's Cash Cow options and Citadel's after-hours pricing power are both afraid of being siphoned off by perpetual contracts with no expiration date and high leverage. The boundary battle between the old and new markets has only just begun.