Coinbase y Kalshi nuevamente bajo la jurisdicción de la CFTC como instrumentos financieros basados en acciones (stock perpetuals), lo que desencadena una disputa regulatoria.

• Coinbase y cinco empresas apoyan la supervisión de los productos financieros derivados relacionados con acciones por parte de la CFTC.
• La CFTC toma medidas para incluir estos productos en su marco regulador de derivados.
• Los actores financieros tradicionales cuestionan este enfoque regulatorio.

Los futuros perpetuos han sido una parte popular de los mercados criptográficos. Ahora, también están entrando en el mercado de valores tradicional. Sin embargo, su creciente presencia en EE. UU. ha suscitado dudas sobre qué agencia debería supervisarlos. Según el último informe, Coinbase, Kalshi y varias empresas comerciales importantes respaldan la autoridad de la CFTC sobre estos productos, lo que añade una nueva dimensión al debate regulatorio en curso.

Coinbase y otras grandes empresas apoyan la regulación de la CFTC sobre los futuros perpetuos relacionados con acciones.

Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading y Paradigm han expresado su apoyo a la autoridad de la CFTC sobre los futuros perpetuos de una sola acción. Estas empresas solicitan permiso para presentar un informe de opinión en un litigio legal en curso sobre cómo deberían regularse estos productos. Con esta presentación, pretenden explicar por qué la CFTC debería supervisarlos bajo el marco regulador de derivados existente.

Estas plataformas consideran que los futuros perpetuos de una sola acción no deberían quedar automáticamente bajo la jurisdicción de la SEC solo porque están vinculados a acciones individuales. Argumentan que las leyes estadounidenses actuales ya proporcionan un marco regulador para este tipo de derivados.

La CFTC busca establecer su autoridad sobre estos productos financieros.

El último apoyo a estos productos llega tras el anuncio de la CFTC (Comisión de Comercio de Futuros de EE. UU.) de incluir los futuros perpetuos de acciones en su marco de regulación de derivados. La posición de la autoridad reguladora es que estos productos pueden ser tratados como contratos de futuros.

Este enfoque podría permitir que las plataformas de negociación reguladas ofrezcan estos futuros perpetuos de acciones sin considerar cada contrato como un producto de valores convencional. También refleja el esfuerzo más amplio de la CFTC por integrar nuevos productos financieros dentro de la estructura existente del mercado de derivados.

¿Por qué los futuros perpetuos de acciones están siendo objeto de cuestionamientos regulatorios?

Cabe destacar que los futuros perpetuos funcionan de manera diferente a los contratos de futuros tradicionales: no tienen una fecha de vencimiento fija. Esto permite a los traders mantener sus posiciones abiertas durante el tiempo que deseen. Estos contratos también involucran pagos de financiación entre compradores y vendedores para mantener sus precios cercanos al valor del activo subyacente.

En el ámbito de las criptomonedas, los traders suelen utilizar estos productos para obtener exposición apalancada a activos como Bitcoin y Ethereum sin poseerlos directamente. La misma estructura de negociación se está aplicando también a las acciones individuales.

No obstante, esto ha generado dudas sobre si estos productos deberían ser considerados derivados o valores tradicionales. La CFTC supervisa los mercados de futuros y derivados, mientras que la SEC (Comisión de Valores de EE. UU.) regula los mercados de valores. Los futuros perpetuos de acciones combinan características de ambos mercados, lo que genera incertidumbre sobre qué agencia tiene la autoridad para regularlos.

Los actores financieros tradicionales cuestionan la decisión de la CFTC

A pesar del apoyo de las compañías de criptomonedas a la regulación de los futuros perpetuos de acciones de la CFTC (Comisión de Comercio de Futuros y Productos Derivados de EE. UU.), varios actores financieros tradicionales han expresado sus preocupaciones. Un grupo respaldado por importantes firmas financieras, como Cboe y Citadel Securities, ha solicitado asesoramiento legal al respecto. Argumentan que estos productos ofrecen exposición a acciones individuales y, por lo tanto, deberían estar sujetos a la debida supervisión del mercado de valores.

El grupo teme que la autorización de estos futuros perpetuos bajo el marco de los productos derivados pueda dar lugar a un mercado de negociación separado con requisitos regulatorios diferentes. Esto podría plantear dudas sobre la protección de los inversores, la transparencia del mercado y la competencia justa.

Relacionado: Los futuros perpetuos de acciones se enfrentan a una demanda legal por la aprobación de su negociación por parte de la CFTC.

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