In a report published on November 10, 2026, TechFlow, citing The Block, stated that Coinbase, Kalshi, Payward (the parent company of Kraken), DRW Holdings, Jump Trading, and Paradigm had applied to a United States federal court for leave to file an amicus curiae brief. The brief would support the Commodity Futures Trading Commission’s regulatory authority over single-stock perpetual futures.
Earlier, the Capital Markets Alliance—an industry association whose members include Cboe and Citadel Securities—filed a lawsuit seeking to revoke the CFTC’s approval of the related products. The alliance contends that single-stock perpetual contracts should be classified as security-based swaps falling under the jurisdiction of the Securities and Exchange Commission.
The companies argue that the products are security futures and that the SEC has participated from the early stage of the regulatory process. According to court documents, listing applications for single-stock perpetual futures submitted by Coinbase, Kalshi, and Payward were deemed approved on November 2, 2026. The regulatory dispute remains pending a court decision.