A CBOE-backed group has filed a lawsuit against the Commodity Futures Trading Commission (CFTC) to block single-stock perpetual futures from being classified as futures products. The legal challenge specifically targets regulatory approvals granted to Coinbase, Kalshi, and Bitnomial for these instruments. The core of the dispute centers on jurisdictional oversight. The Crypto Markets Association (CMA), backing the lawsuit, argues that single-stock perps are swaps subject to exclusive Securities and Exchange Commission (SEC) oversight. In contrast, the CFTC maintains that these products qualify as security futures under its authority.