CFTC Chair Mike Selig announced that perpetual futures on individual U.S. stocks can now trade on CFTC-registered exchanges for the first time, classified as security futures under both CFTC and SEC oversight. The contracts were “deemed approved” under Commission Regulation 40.3 after the review window closed without objection, and only venues that are both CFTC-designated and SEC notice-registered can list them. Kalshi, Coinbase Derivatives and Bitnomial filed rules on Sept. 18; Kalshi's filing covers up to 58 contracts including Apple, Nvidia and Tesla, while Bitnomial's starter list has ten names, and no venue has announced a launch date. The filed contracts trade from Sunday evening to Friday afternoon ET with margin floors around 15%, or roughly 6.5x leverage, far below offshore platforms. SIFMA asked regulators to pause and take public comment, Better Markets called the products a gambling tool, and CME is still suing the CFTC, arguing perpetuals are swaps rather than futures.
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