Six institutions including Coinbase apply to submit comments supporting CFTC's single-stock perpetual futures regulation

Coinbase, Kalshi, Payward (Kraken's parent), DRW Holdings, Jump Trading and Paradigm have asked a federal court for leave to file an amicus brief backing the CFTC's authority to regulate single-stock perpetual futures. The filing targets a lawsuit by the Capital Markets Alliance, which seeks to overturn the CFTC's approval of the products on the grounds that single-stock perps should be treated as security-based swaps rather than futures. The six firms argue the SEC was involved from the start of the regulatory process and that both agencies jointly sought public comment on how the products should be classified. The case matters because it will help determine whether single-stock perps fall under CFTC or SEC oversight, shaping how crypto-native venues such as Kalshi and Coinbase can list equity-linked derivatives. Watch for the court's ruling on the amicus request and the underlying challenge to the CFTC's approvals.