Coinbase legal counsel Molly Abraham stated that six organizations—Coinbase, Kalshi, Payward (the parent company of Kraken), DRW Holdings, Jump Trading, and Paradigm—have asked a U.S. court for permission to file an amicus brief supporting the Commodity Futures Trading Commission’s (CFTC) authority to regulate single-stock perpetual contracts. The organizations argue that, under the Commodity Exchange Act and the securities futures regulatory framework established by the U.S. Congress in 2000, these products should be classified as securities futures rather than security-based swaps. They also contend that blocking innovative products from being listed compliantly in the United States would only push trading activity offshore.