Six companies including Coinbase and Kalshi support the CFTC and oppose overturning the U.S. single-stock perpetual futures trading approval.

Coinbase, Kalshi, Kraken parent Payward, DRW Holdings, Jump Trading and Paradigm filed amicus briefs in U.S. federal court backing the CFTC's authority over single-stock perpetual futures, after the Capital Markets Alliance—whose members include Cboe and Citadel Securities—sued to vacate the agency's approval of the products. The CMA argues the contracts are security-based swaps that fall under SEC jurisdiction, while the six firms contend they are security futures and note the SEC was involved from the start of the regulatory process. The listing applications from Coinbase, Kalshi and Payward were deemed approved on Nov. 2. The dispute will determine whether single-stock perps trade under the CFTC or SEC regime, a key question for U.S. crypto-native venues expanding into equities; the court's ruling is the next milestone to watch.