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Coinbase and Kalshi Back CFTC Authority Over Stock Perpetual Futures
Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading, and Paradigm are seeking permission to submit an amicus brief in an ongoing legal dispute. The firms are backing the Commodity Futures Trading Commission's authority to regulate single-stock perpetual futures under existing derivatives rules. They argue these contracts should not automatically fall under Securities and Exchange Commission oversight simply because they track individual stocks. Conversely, traditional financial entities including Cboe and Citadel Securities contend that stock perpetuals require securities market oversight. The debate follows the CFTC's decision to treat single-stock perpetual futures as futures contracts within its regulatory framework.