Better Markets brief challenges CFTC approval of single-stock perpetual futures

Better Markets, former SEC Commissioner Allison Herren Lee and Harvard Law Professor John C. Coates filed an amicus brief arguing that single-stock perpetual futures are swaps and therefore bypass Dodd-Frank retail investor protections under the CFTC's new rules. The filing challenges the CFTC's approval of perpetual derivatives tied to individual stocks. A legal fight over whether these products can reach US retail traders matters for venues and platforms planning stock-perp offerings, since a ruling against the CFTC could restrict access or force restructuring.