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Coinbase, Kalshi, Payward (the parent company of Kraken), DRW Holdings, Jump Trading, and Paradigm have petitioned a federal court for permission to file amicus briefs in support of the U.S. Commodity Futures Trading Commission's (CFTC) authority to regulate single-stock perpetual futures. The briefs respond to a lawsuit filed by the Capital Markets Alliance, which seeks to overturn the CFTC's approval of these products, arguing that single-stock perpetual contracts should be classified as security-based swaps rather than futures. The six institutions noted that the U.S. Securities and Exchange Commission (SEC) has been involved since the regulatory process began, and that both regulators jointly sought public comment on how the product should be classified.
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