Kalshi has filed to offer perpetual futures, derivatives without preset expiration dates, tied to individual US stocks. The proposal was filed with the Securities and Exchange Commission (SEC) and submitted to the Commodity Futures Trading Commission (CFTC), the U.S. derivatives regulator, for approval on Friday; the CFTC has not approved it. The contracts would use periodic funding payments between long and short positions to track underlying stock prices, qualify as security futures products and clear through Kalshi Klear, Kalshi's CFTC-registered clearinghouse. Coinbase filed a separate proposal the same day, while Payward, Kraken's parent company, submitted a similar plan through Bitnomial Exchange. Payward initially plans 10 equities and is working toward 24/5 trading. The filings follow the Sept. 15 failure of the CLARITY Act to advance in the Senate and SEC Chair Paul Atkins' statement that the agency would act within its existing authority with or without legislation.