Coinbase Coalition Challenges Judge’s Stock Perpetuals Doubts

TLDR Coinbase, Kalshi, and four other firms sought court permission to defend the CFTC on November 9. A federal judge rejected emergency relief but questioned the CFTC’s authority over single-stock perpetual futures. The Capital Markets Alliance argues that the contracts fall under the SEC’s jurisdiction. The six firms maintain that federal law permits joint SEC-CFTC oversight of equity perpetuals. Coinbase Derivatives, KalshiEX and Bitnomial received deemed approvals on November 2 through regulatory inaction. Coinbase, Kalshi and four other firms are contesting early judicial skepticism over single-stock perpetual futures. Their November 9 proposed brief backs Commodity Futures Trading Commission (CFTC) jurisdiction after a federal judge questioned that authority. Payward, DRW Holdings, Jump Trading and Paradigm joined the two companies in the filing.

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