Coinbase, Kalshi, Payward, which owns Kraken, DRW, Jump Trading and Paradigm are seeking permission to file an amicus brief supporting the Commodity Futures Trading Commission’s authority over single-stock perpetual futures. The Capital Markets Alliance Association sued on November 3, 2026, challenging listing applications submitted by KalshiEX, Coinbase Derivatives and Bitnomial Exchange. The trade group argues that the contracts, which have no expiration date, are security-based swaps overseen by the Securities and Exchange Commission, and that they restrict retail trading rights. The CFTC deemed the listings valid after the 45-day review period expired without objections, but a federal judge denied a temporary restraining order the next day. That ruling did not resolve the jurisdictional dispute, which will be considered as the case proceeds, while the six companies seek to participate as amici curiae.
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