A fierce battle has erupted on Wall Street as a new breed of crypto-native derivatives, known as single-stock perpetual futures (perps), face intense scrutiny and legal challenges. A powerful consortium, significantly backed by financial giants Citadel Securities and Cboe, has initiated a lawsuit directly challenging the approval of these innovative trading instruments. This move signals a dramatic turf war between established financial players and the burgeoning digital asset market, as the traditional financial world grapples with the disruptive potential of crypto-based products that offer continuous trading and leverage on individual stocks, a mechanism previously dominated by crypto exchanges.
Adapted from: WSJ.com: Markets
