The CFTC has sparked a potential revolution on Wall Street. Exchange stocks are dropping
Investors are worried about increased competition for the traditional exchanges that have long dominated on Wall Street.
AI Summary
The CFTC approved perpetual futures for bitcoin on Kalshi, causing shares of CME Group, Cboe Global Markets, Intercontinental Exchange, and Robinhood to fall sharply. Investors fear the regulator may extend perpetual futures to other asset classes like equities, potentially increasing competition for traditional exchanges. Barclays analyst Ben Budish noted the concern but pointed out that comparable offerings already exist in the U.S. without significantly altering retail trading.