US stock perpetuals win clearance, but stock-market halts can still block exits
The CFTC said stock perpetual futures may trade on eligible regulated exchanges under the agencies’ security-futures framework. Kalshi says it offers the contracts, but they follow market schedules and stop during regulatory halts, preventing holders from closing positions. Coinbase’s filing describes cash-settled stock and ETF futures, but its product record still showed approval pending, so no Coinbase launch or final terms were established. SIFMA has asked regulators to review proposals, citing manipulation, liquidity and classification concerns. Coinbase’s proposed rules include equity-market halts, funding adjustments and price-data safeguards. Such safeguards do not close positions or guarantee an exit price; holders may remain exposed to adverse moves and liquidation.
