The U.S. SEC supports the CFTC: Opposes revoking approval fo
The U.S. Securities and Exchange Commission (SEC) has submitted a brief to the court supporting the Commodity Futures Trading Commission (CFTC) in its decision to approve single stock perpetual futures trading. Previously, the industry group Capital Markets Alliance (CMA) filed a lawsuit against the CFTC, arguing that such products should be regulated by the SEC, and that the CFTC's approval violated the Administrative Procedure Act, requesting the court to revoke the approval.
### Timeline of Events
- [11-11 23:18] The U.S. SEC submitted a brief to the court supporting the CFTC's decision to oppose the revocation of the approval for single stock perpetual futures trading (Wu Says).
- [11-12 00:01] The U.S. SEC submitted a brief to the court supporting the CFTC, intervening in the debate over regulatory jurisdiction for single stock perpetual derivatives (PANews).
### Background and Impact
The U.S. Securities and Exchange Commission (SEC) submitted a brief to the court as a friend of the court, supporting the Commodity Futures Trading Commission (CFTC) in its decision to approve single stock perpetual futures trading. Previously, the industry group Capital Markets Alliance (CMA), including Cboe and Citadel Securities, filed a lawsuit, arguing that such products should be regulated by the SEC, and that the CFTC's approval violated the Administrative Procedure Act, requesting the court to revoke the approval. The SEC反驳了CMA关于CFTC“越权”的说法，称CFTC的新规变更也须经SEC审查，且SEC与CFTC经常合作，这对监管股票永续合约至关重要。在CMA起诉后，Coinbase、Kraken母公司Payward、Kalshi等加密行业企业联合提交意见书反对CMA，其中三家已提交股票永续合约上市申请并于11月2日被视为获批。（The Block）
PANews reported on November 12 that the U.S. Securities and Exchange Commission (SEC) submitted a brief to the court regarding the regulatory jurisdiction dispute over single stock perpetual derivatives, supporting the Commodity Futures Trading Commission (CFTC). Previously, the industry group Capital Markets Alliance (CMA) sued the CFTC, seeking to overturn its approval of such products. The SEC rebutted CMA's claim that the CFTC overstepped its authority, stating that CFTC's rule changes also require SEC review, and that SEC and CFTC often cooperate, which is crucial for regulating stock perpetuals. After CMA's lawsuit, Coinbase, Kraken's parent company Payward, Kalshi, and other crypto industry companies submitted a joint brief opposing CMA, with three companies having submitted applications for the listing of single stock perpetual futures, which were deemed approved on November 2 (Cointelegraph).
### Frequently Asked Questions
#### Which companies submitted a brief in support of the CFTC?
Coinbase, Kalshi, and Kraken's parent company Payward submitted a joint brief in support of the CFTC.
#### Why did CMA sue the CFTC?
CMA sued the CFTC, arguing that single stock perpetual futures trading should be regulated by the SEC, and that the CFTC's approval violated the Administrative Procedure Act, requesting the court to revoke the approval.
#### Which institutions support the CFTC's decision?
The SEC supports the CFTC's decision, stating that CFTC's rule changes also require SEC review, and that SEC and CFTC often cooperate.