On November 10, 2026, TechFlow reported, citing The Block, that six companies had asked a U.S. federal court for permission to file amicus briefs supporting the Commodity Futures Trading Commission’s regulatory authority over single-stock perpetual futures.
The companies named are Coinbase, Kalshi, Payward (the parent company of Kraken), DRW Holdings, Jump Trading, and Paradigm. The request is for leave to submit friend-of-the-court briefs. The report does not say the court has accepted the briefs or ruled on them.
The request is tied to a lawsuit by the Capital Markets Alliance (CMA), an industry association whose members include Cboe and Citadel Securities. CMA is seeking to revoke the CFTC’s approval of the related products. CMA’s position is that single-stock perpetual contracts should be classified as security-based swap products and therefore fall under the U.S. Securities and Exchange Commission.
Coinbase and the other companies argue that the products are security futures and that the SEC has been involved since the early stage of the regulatory process.
According to court documents described in the report, listing applications for single-stock perpetual futures submitted by Coinbase, Kalshi, and Payward were deemed approved on November 2. The report does not state that applications from the other named firms were approved. The regulatory dispute was still awaiting a court decision as of the November 10 report.
This is a pending U.S. court dispute over agency authority and an existing approval. It is not, on the reported facts, a new statute, a completed rulemaking, or a final judgment.
Original report: TechFlow, November 10, 2026, 14:21 (UTC+8).
