According to CoinMeta, the competition for crypto perpetual contracts on Wall Street has sparked debates among crypto exchanges, traditional trading firms, and two federal regulatory agencies. In a statement on November 3, the Commodity Futures Trading Commission (CFTC) described these contracts as securities futures that are jointly regulated by the CFTC and the Securities and Exchange Commission (SEC). The Capital Markets Association believes that the indefinite nature of these contracts makes them securities-based swaps subject to different legal frameworks. The dispute not only involves the names of the regulatory agencies but also affects the way products are listed, customer protection measures, and the means by which retail traders can access leverage. Michael Selleger, president of the CFTC, stated that investors should be able to use these tools through U.S. exchanges rather than relying on offshore platforms.