Coinbase, Kalshi and Other Firms Back CFTC in Fight Over Stock Perpetuals

The dispute centers on whether these perpetual contracts, which track individual equities without expiry, fall under CFTC-regulated futures or SEC-regulated securities. The outcome matters because it could determine which regulator oversees a fast-growing product category that bridges crypto-style derivatives and traditional stock trading. The brief signals industry alignment behind the CFTC as it defends its turf against the SEC. What to watch next is whether the court accepts the brief and how it rules on the CFTC's authority.