Countermove in the U.S. Share-Linked Demand Deposit Transactions Case: Coinbase Steps In

Coinbase, Kalshi, and Kraken parent Payward are among six firms seeking court permission to file an amicus brief supporting the CFTC in litigation over the approval of US equity-linked perpetual contracts. The dispute centers on whether these event-based derivatives should fall under CFTC oversight, with the companies backing the agency's position. The outcome matters because it could determine which regulator governs equity perpetuals and whether US traders gain broader access to around-the-clock exposure to stocks. What to watch next is the court's ruling on the amicus request and its eventual decision on the CFTC's approval authority.