Coinbase, Kalshi, Kraken parent and trading giants back CFTC in fight over stock perpetual futures
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Six firms are seeking to file an amicus brief defending the CFTC's authority over single-stock perps after a trade group sued to block them
A coalition of crypto exchanges, prediction markets and trading firms has entered a courtroom fight over who gets to regulate a new kind of stock derivative. Coinbase, Kalshi, Payward, DRW, Jump Trading and Paradigm want to tell a federal judge that the Commodity Futures Trading Commission has the authority to oversee single-stock perpetual futures.
The six firms filed for permission to submit an amicus brief around November 9-10, 2026. Payward is the parent company of Kraken.
What the lawsuit is about
The case was brought by the Capital Markets Alliance Association. The trade group filed suit on November 3, 2026, in case 1:26-cv-09608.
Its target is a set of applications to list single-stock perpetual futures. Three exchanges submitted those applications on September 18, 2026: KalshiEX, Coinbase Derivatives and Bitnomial Exchange.
A perpetual future is a derivative contract that never expires. A traditional future has a settlement date. A perp keeps rolling until the trader decides to close it.
The Capital Markets Alliance argues these no-expiry contracts are really security-based swaps. That label matters because security-based swaps fall under the Securities and Exchange Commission, not the CFTC. The group also contends the products restrict retail trading rights.
How the approvals happened
The procedural timeline is tight. The exchanges filed in mid-September, which started a 45-day review period at the CFTC.
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No objections came during that window. The approvals were deemed valid on November 2, 2026, essentially by the clock running out rather than by a dramatic vote.
The lawsuit landed the very next day. On that same day, November 3, a federal judge denied the plaintiffs’ request for a temporary restraining order.
That denial does not settle the underlying question of jurisdiction. It simply means the court declined to slam on the brakes immediately while the case proceeds.
The amicus filing arrived roughly a week after the suit. An amicus brief, or “friend of the court” brief, lets parties who are not directly in a case offer arguments the judge may consider. The six firms first need the court’s permission to file it.
Why these six firms care
The coalition is telling in its makeup. Coinbase and Kalshi are not neutral bystanders: their affiliated exchanges, Coinbase Derivatives and KalshiEX, are two of the three applicants whose listings are under attack.
Payward brings Kraken’s perspective as a major crypto exchange operator. DRW and Jump Trading are established trading firms. Paradigm is a crypto-focused investment firm.
The CFTC approved Bitcoin perpetual futures in May 2026, before the push expanded to equity perps.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
