Coinbase, Kalshi and Payward Back the CFTC on Stock…
By Tobi Opeyemi Amure
AI summary of the source article
Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading, and Paradigm moved to file an amicus brief backing the CFTC's clearance of stock perpetual futures. This follows a federal judge's finding that challengers are likely to prove the agency exceeded statutory authority.
Why it matters
"A preliminary injunction would suspend the approvals outright rather than merely pausing trading, so the ruling that follows today’s reply brief is the event that decides whether stock perpetual futures survive the winter."
Key facts
- Six firms moved for leave to file an amicus brief defending the CFTC's stock perpetual futures approvals.
- Judge Valerie Caproni denied an emergency restraining order on 3 November but found challengers likely to win on claims the CFTC exceeded statutory authority.
- The challenged approvals took effect under CFTC Regulation 40.3 and cover KalshiEX, Bitnomial Exchange, and Coinbase Derivatives.
Source excerpt · FinanceFeeds
Coinbase, Kalshi and Payward moved on Monday for leave to file an amicus brief supporting the Commodity Futures Trading Commission (CFTC), a week after a federal judge told the agency it had probably exceeded its authority in clearing stock perpetual futures for US exchanges. DRW Holdings, Jump Trading and Paradigm signed the same motion. Judge Valerie Caproni refused to halt trading on 3 November…