On November 10, 2026, TechFlow reported, citing The Block, that Coinbase, Kalshi, Payward (Kraken’s parent), DRW Holdings, Jump Trading, and Paradigm had asked a federal court for permission to file amicus briefs. The briefs would support the U.S. Commodity Futures Trading Commission’s authority to regulate single-stock perpetual futures.
The proposed filings respond to a lawsuit by the Capital Markets Alliance. That suit seeks to overturn the CFTC’s approval of the related products and argues that single-stock perpetual contracts should be treated as security-based swaps rather than futures.
According to the report, the six firms say the U.S. Securities and Exchange Commission has been involved from the start of the regulatory process, and that the two agencies jointly sought public comment on how the products should be classified.
The step described is a request for leave to submit friend-of-the-court views. It is not a court decision on the CFTC’s approval or on whether the contracts are futures or security-based swaps.
Original report: TechFlow, published November 10, 2026, at 14:21 CST.