Coinbase, Kalshi and four other companies have filed a legal brief in support of the U.S. Commodity Futures Trading Commission. They’ve filed a request for permission to file a so-called amicus brief supporting the CFTC’s case in the ongoing case with a number of well-known figures from the financial and crypto sectors.
Today @Coinbase, @Kalshi, @Payward, DRW Holdings, @Jumptrading, and @Paradigm moved for leave to file an amicus brief defending the @CFTC’s authority to regulate single stock perpetuals in the US.
The law is clear. Under the CEA and the securities futures framework Congress established in 2000, security futures products are not “swaps.”
Others would rather litigate than compete with innovative products that promise to open up new markets and financial opportunities for American investors with the oversight and investor protection of the @CFTC and @SECGov built in.
Killing innovation won’t stop these products. It will just keep them offshore and unregulated. We’ve been working for years to onshore equity perps in a responsible and regulated way and won’t stop until we bring these products to our customers.
Read more in our brief 👇🏼
— Molly Abraham (@mollyisonchain) November 10, 2026
This was filed Monday by Coinbase lawyer Molly Abraham.
The companies joining Coinbase and Kalshi include Payward (parent of Kraken), DRW Holdings and Jump Trading, and Paradigm Operations.
Case For Future Classification
They say perpetual futures based on single stocks should be regulated under current U.S. futures legislation. This supports the CFTC’s ability to regulate the products as a derivative.
THE BLOCK: A group of crypto firms — Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading, and Paradigm — asked the court for permission to file an amicus brief defending the CFTC’s authority to regulate single-stock perpetual futures in the US. $COIN
The brief comes in response to a lawsuit by the Capital Markets Alliance Association (members include Cboe and Citadel Securities) seeking to overturn the CFTC’s approval of the products. A decision upholding the approvals would help preserve the path for these firms to offer or expand the products onshore.
— The Block (@TheBlockCo) November 10, 2026
The case surrounds whether perpetual futures contracts based on single listed stocks can be offered on U.S. exchanges. They allow traders to speculate on price moves in the underlying asset.
Federal Judge Comments
The brief was filed just days after a federal judge indicated that the CFTC went beyond its powers by allowing single stock perpetuals to be traded as security futures. This adds more uncertainty around these products.
Source: assets.ctfassets.net
The outcome may impact crypto exchanges, derivatives exchanges and traditional financial firms looking to offer new products. The main issue for the companies supporting the CFTC is how they should be regulated under current futures legislation. As the case develops this may help decide how stock linked perpetual futures are regulated in the United States.
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