Coinbase, Kalshi join lawsuit backing CFTC over US stock perp futures
Summary
Coinbase, Kalshi, Kraken parent Payward, DRW Holdings, Jump Trading and Paradigm Operations filed a proposed amicus brief supporting the CFTC in a lawsuit over perpetual futures tied to individual US stocks. They argue the contracts qualify as security futures under existing law even without fixed expiration dates. The CMAA, whose members include Cboe and Citadel Securities, contends they are security-based swaps subject to stricter SEC oversight. A judge said the CMAA was likely to prevail in arguing the CFTC exceeded its authority, but denied a temporary restraining order, so trading approvals remain in place as the case continues.
