The Securities and Exchange Commission filed an amicus brief supporting the Commodity Futures Trading Commission, which is being sued by the Capital Markets Alliance Association, whose members include Cboe and Citadel Securities. The lawsuit, filed on November 3, 2026, challenges the CFTC’s classification of single-stock perpetual futures as security futures and argues that they should fall under SEC jurisdiction. The judge indicated that the plaintiffs are likely to prevail on that claim but denied a temporary restraining order because they had not demonstrated irreparable harm. If the contracts were classified as security-based swaps, stricter investor-protection rules could apply, potentially forcing Coinbase Derivatives, Kalshi, and Bitnomial to modify or withdraw the products.
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