A U.S. federal judge declined on November 3 to halt stock perpetual futures approved for Kalshi, Coinbase Derivatives and Bitnomial. Judge Valerie Caproni said the Capital Markets Alliance Alliance is likely to succeed in arguing that the CFTC lacks regulatory authority to offer the products to retail investors on CFTC-regulated platforms. Because the contracts have no expiration date or delivery obligation, they appear to qualify as swaps overseen by the Securities and Exchange Commission rather than security futures. The ruling nevertheless leaves the approvals in place and does not decide the case or the alliance’s separate motion for a preliminary injunction. Kalshi was already listing four contracts on Qualcomm, McDonald’s, Amgen and Costco, with maximum leverage of 4.9 times.
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