Six firms back the CFTC, the U.S. derivatives regulator, on stock perpetual contracts

Coinbase , Kalshi and Kraken parent Payward have joined three trading firms in defending the CFTC’s authority over single-stock perpetual contracts, asking a federal court to accept a brief supporting the regulator. Their November 9, 2026 filing challenges an industry association’s argument that stock derivatives without expiration dates belong under a different regulatory framework. Key takeaways Six firms are seeking permission to defend the CFTC’s stock-perpetual approvals. The Capital Markets Alliance argues the products are security-based swaps. A judge denied emergency relief but questioned the contracts’ classification. The firms contend existing law provides for joint SEC and CFTC supervision. Six companies back CFTC’s authority over perpetual stock contracts A proposed amicus brief supporting the Commodity Futures Trading Commission was jointly filed by Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading and…

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