SEC supports CFTC in lawsuit over U.S. stock perpetual contracts, regulatory classification remains undecided

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SEC supported CFTC in a lawsuit over U.S. stock perpetual contracts, urging the court not to block trading in the contracts, but did not take a position on whether they are futures or swaps. The judge preliminarily found that the plaintiffs might prove CFTC lacked the authority, but declined to issue a temporary restraining order. Kalshi has offered contracts on around 50 U.S. stocks and ETFs, while Cboe said 24-hour notional trading volume on the second day was approximately $375 million.