Arthur Hayes ‘flattered’ as Coinbase backs US stock perps
Arthur Hayes praised Coinbase for defending stock perpetual futures in a US court, likening the case to regulation following BitMEX’s launch of Bitcoin perpetual swaps. Coinbase and five other firms oppose the Capital Markets Alliance Association’s bid to block the contracts, which the group argues are restricted security-based swaps. The SEC opposes a temporary halt while reviewing exchange listing rules, without resolving how the products should be classified. A judge denied the alliance’s request for an emergency restraining order but said it was likely to prevail on its claim that the CFTC exceeded its authority. The group cited roughly $375 million in reported 24-hour trading volume for Kalshi’s stock perpetuals. A market adviser warned that an adverse ruling could shift activity offshore or to decentralized platforms.
