TechFlow News, November 10 — According to The Block, Coinbase, Kalshi, Kraken parent company Payward, DRW Holdings, Jump Trading, and Paradigm have asked a U.S. federal court for permission to file an amicus brief supporting the Commodity Futures Trading Commission’s (CFTC) authority to regulate single-stock perpetual futures.

Previously, the Capital Markets Alliance (CMA), an industry association whose members include Cboe and Citadel Securities, filed a lawsuit seeking to overturn the CFTC’s approval of the products. The CMA argues that single-stock perpetual contracts should be classified as security-based swaps and fall under the jurisdiction of the U.S. Securities and Exchange Commission (SEC).

Companies such as Coinbase argue that the products in question are securities futures and that the SEC has been involved since the early stages of the regulatory process. According to court filings, applications submitted by Coinbase, Kalshi, and Payward to list single-stock perpetual futures were deemed approved on November 2. The regulatory dispute is still awaiting a court ruling.