Citadel-backed group sues CFTC over stock perpetual futures approval

A coalition backed by Citadel Securities and other trading firms has filed a lawsuit against the U.S. Commodity Futures Trading Commission. The group challenges the agency's decision to open a regulatory path for perpetual futures tied to stocks. They argue that such products fall under the jurisdiction of the Securities and Exchange Commission rather than the CFTC. The suit comes after the CFTC had already cleared the way for a crypto version of perpetual futures. The case highlights an ongoing jurisdictional dispute between the two U.S. financial regulators over novel derivatives products.