Coinbase, Kalshi and four other companies have asked a federal court to accept an amicus brief defending the Commodity Futures Trading Commission’s authority over perpetual futures tied to individual stocks. The group argues that the products qualify as security futures under joint CFTC and Securities and Exchange Commission oversight, rather than as security-based swaps overseen solely by the SEC. The Capital Markets Alliance Association, whose members include Cboe and Citadel Securities, is challenging that classification because the contracts have no fixed expiration date. Judge Valerie Caproni found that the CMAA was likely to succeed on the merits but declined to temporarily halt trading because the plaintiffs had not shown imminent irreparable harm. Stock perpetual contracts remain available on regulated platforms while the court decides which regulatory regime will apply and how retail access should be limited.
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