Wall Street just sued to stop stock perps — hours after they were approved. The CFTC said on Tuesday that perpetual futures on individual stocks could begin trading on registered US exchanges. The same day, the Capital Markets Alliance — backed by Cboe and Citadel Securities — sued in federal court in Manhattan to block them. Its argument: these are security-based swaps, which belong under the SEC, not the CFTC. The CFTC pushed back, calling the suit interference with its markets. Bitcoin trades near $78,000 while the fight over who controls the next Wall Street product plays out in court. Crypto built the perp. Now Wall Street is fighting over who gets to sell it.