CFTC gets into legal clash over stock perps after having cleared path for crypto version

A coalition including Citadel Securities sued the U.S. Commodity Futures Trading Commission over its approval of stock perpetual futures, arguing the products fall under SEC jurisdiction rather than the CFTC's. The legal challenge follows the CFTC's decision to clear a path for crypto-style perpetual contracts tied to equities, the same structure it has permitted for digital assets. The dispute matters because it tests which regulator oversees a fast-growing derivatives format that blends crypto market mechanics with traditional stock exposure. How the courts and the two agencies resolve the turf question could shape where perps on equities and other assets are listed and traded.