Coinbase, Kalshi, Kraken, DRW, Jump Trading and Paradigm have asked to support the Commodity Futures Trading Commission in its dispute with the Capital Markets Alliance Association. The six firms proposed filing an amicus brief in federal court after the CFTC recently approved new perpetual futures linked to individual listed stocks. Judge Valerie Caproni denied a temporary restraining order on November 3 while indicating that the plaintiff was likely to succeed on the statutory basis for the approvals. The court has not yet issued a final ruling on whether the products may remain available in the United States, and their legal classification will determine requirements for margin, market surveillance and customer protection.
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