Arthur Hayes, co-founder of BitMEX, said he was “flattered” by Coinbase’s defense of the right to offer US stock perpetual futures, ten years after BitMEX launched the product in 2016. Coinbase and five other companies filed a court brief opposing the Capital Markets Alliance Association’s request to suspend the contracts. The CMAA argues that they should be treated as security-based swaps, subject to tighter restrictions on retail trading, while the SEC is reviewing the exchanges’ listing rules. The CMAA cited about $375 million in reported 24-hour notional trading volume for the stock perpetuals launched by Kalshi. On November 3, US District Judge Valerie Caproni denied a temporary restraining order because the group had not shown likely irreparable harm, and a ruling against the CFTC could shift trading toward offshore and decentralized platforms.
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