SEC Backs CFTC in Equity Perpetual Futures Dispute
But key regulatory questions remain.
The Development
On November 9, 2026, the Securities and Exchange Commission filed an amicus curiae brief supporting the Commodity Futures Trading Commission's opposition to a motion for preliminary relief challenging the introduction of single-stock perpetual futures.
The SEC emphasized that security futures remain subject to joint SEC-CFTC oversight, including market surveillance, anti-manipulation enforcement, oversight of intermediaries, and margin requirements.
What Remains Unresolved
Although the SEC supports the CFTC's opposition to preliminary relief, it has not determined whether to abrogate the relevant exchange rule changes.
The SEC's independent review period extends through December 31, 2026. Its eventual determination should not be presumed from the amicus filing.
Securities and Exchange Commission, Brief of Amicus Curiae, Capital Markets Alliance Association v. CFTC , Case No. 26-cv-09608 (LGS), Document 51-1, November 9, 2026.
Read the SEC Amicus Brief (PDF) ↗