Coinbase, Kalshi and Jump Trading Urge Judge to Keep Single-Stock Perps Trading
By Unchained
AI summary of the source article
Six crypto and trading firms, including Coinbase and Kalshi, have urged a federal judge to reject an injunction seeking to halt single-stock perpetual futures trading. The products face a legal challenge against the CFTC from a market trade group.
Why it matters
The firms argued that ruling for the alliance would "send equity perpetuals back offshore," because "the SEC has no framework for retail trading of exchange-listed security-based swaps."
Key facts
- Coinbase, Kalshi, Payward, DRW, Jump Trading, and Paradigm filed an amicus brief supporting the CFTC's approval of single-stock perpetual futures.
- The Capital Markets Alliance Association sued the CFTC, arguing the contracts are security-based swaps subject to SEC authority and were approved improperly under the Administrative Procedure Act.
- The CFTC's approval took effect after its 45-day review window lapsed without objection on Nov. 2, allowing Kalshi to begin offering perps on over 50 stocks on Nov. 5.
Source excerpt · Unchained
Six crypto and trading firms filed a brief backing the CFTC against a trade group of exchanges and brokers that wants perpetual futures on U.S. stocks blocked. The post Coinbase, Kalshi and Jump Trading Urge Judge to Keep Single-Stock Perps Trading appeared first on Unchained .