On Friday, Sept 18, Kalshi filed a proposed rule change with the SEC and submitted it to the CFTC to list perpetual futures on individual US stocks — hours after Coinbase submitted a near-identical proposal, with Kraken parent Payward joining through its Bitnomial exchange. The CFTC lists the trio's contracts as pending approval; sign-off would bring crypto's most-traded derivative structure to US equities for the first time.
On Friday, Sept 18, Kalshi filed a proposed rule change with the SEC and submitted it to the CFTC to list perpetual futures on individual US stocks — hours after Coinbase submitted a near-identical proposal, with Kraken parent Payward joining through its Bitnomial exchange. The CFTC lists the trio's contracts as pending approval; sign-off would bring crypto's most-traded derivative structure to US equities for the first time.
What happened: Three US-regulated venues filed on the same day to offer perpetual futures on individual US stocks. Kalshi submitted a proposed rule change to the SEC and the CFTC on Friday, Sept 18; the contracts would carry no expiration date, use periodic funding payments between longs and shorts to track the underlying, be cash-settled, treated as security futures products, and cleared through Kalshi's CFTC-registered clearinghouse, Kalshi Klear (Cointelegraph). Kalshi's filing covers 58 large-cap US stocks and ETFs — all with market caps north of $100B, per Crypto Briefing. Coinbase submitted its own proposal the same day, covering 50+ stocks and ETFs and targeting 24/5 trading (FinanceFeeds, CoinSpectator); the Wall Street Journal and Reuters covered the Coinbase filing on Sept 18. Payward — Kraken's parent — filed through its Bitnomial Exchange, planning to start with 10 US equities including Tesla, Nvidia, Apple, Microsoft and Amazon, working toward 24/5 (Cointelegraph).
Key metric: 100+ proposed single-stock perpetual contracts across three venues (58 + 50+ + 10), all pending at the CFTC.
Comparison: The CFTC already approved Kalshi's Bitcoin perpetual in May 2026, and BTC, ETH, SOL and XRP perps now trade on regulated US rails — the new filings swap the underlying from crypto assets to mega-cap stocks. The timing is the tell: three days after the CLARITY Act died 49-50 in the Senate (Sept 15), one day after the SEC's Innovation Exemption opened onchain trading of tokenized stocks (Sept 17), with SEC Chair Paul Atkins pledging the agency would 'act decisively' with or without legislation.
Why it matters: Perpetuals are crypto's volume engine — globally, perp turnover dwarfs spot — and the US equity market has never had them on a regulated venue. Approval would fuse crypto's around-the-clock, funding-rate trading culture with Nvidia, Apple and Tesla, in the same week regulators began building tokenized-stock rails. BTC tapped $85,000 Monday for the first time since January (The Block) — risk appetite is back just as the derivatives frontier opens.
Securitize (NYSE: SECZ, ~$5B AUM) launched Securitize Stocks today at 13:00 UTC: 12 tokenized US mega-caps — including Apple, Microsoft, Nvidia, Tesla, Circle, Strategy and Palantir — each backed 1:1 by a real share, settling in USDC on Solana with Jump Trading running the proprietary AMM and clearing firm RQD* handling custody and settlement. It is the first product live under the SEC's five-year Innovation Exemption for onchain stock trading, granted September 17.
Anthropic's much-anticipated IPO prospectus — reported in detail by Reuters and the Financial Times — pursues a $2 trillion valuation while disclosing a $42 billion net loss for 2025 and plans to spend $518 billion on cloud, computing, and infrastructure in the coming year. Roughly 80 of the filing's 261 main-body pages cover risk factors, including that advanced AI could pose 'catastrophic or existential risks to humanity,' versus 48 pages describing the business. Nvidia separately disclosed that Anthropic has more than $180 billion in contracted compute commitments — 2.5GW of Nvidia infrastructure shipping through 2028.
Nvidia's board authorized an additional $150 billion in share repurchases on Monday — which the company says is the largest single authorization increase ever announced by a public company — lifting total remaining buyback capacity to $235 billion, expected to be spent through fiscal 2028. NVDA rose 2.8% to a $5.42 trillion market cap as Jensen Huang called AI 'a once-in-a-generation platform shift.'