On November 10, 2026, PANews reported, citing The Block, that Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading and Paradigm had asked a court for permission to file amicus briefs supporting the U.S. Commodity Futures Trading Commission’s authority to regulate single-stock perpetual futures in the United States.
The requested briefs are a response to a lawsuit filed the previous week by the Capital Markets Association (CMA). The CMA is seeking to overturn the CFTC’s approval of those products. It argues that equity perpetual contracts have no fixed expiration date and should be treated as “security-based swaps,” which cannot be listed on exchanges regulated by the CFTC.
The firms counter that the Securities and Exchange Commission “was involved from the beginning” of the regulatory process, and that the two agencies jointly solicited public comment.
The move is an application to submit friend-of-the-court briefs in support of the CFTC’s asserted authority. It is not a court decision on whether the products may be offered.
Original report: PANews