Six companies, including Coinbase and Kalshi, support the CFTC, opposing the overturning of U.S. individual stock perpetual futures trading approval.

On November 10 that, according to The Block, Coinbase, Kalshi, Kraken's parent company Payward, DRW Holdings, Jump Trading, and Paradigm have filed an amicus curiae brief with a U.S. federal court in support of the Commodity Futures Trading Commission's (CFTC) regulatory authority over individual stock perpetual futures.

Previously, the Capital Markets Alliance (CMA), an industry association including members such as Cboe and Citadel Securities, filed a lawsuit seeking to overturn the CFTC's approval of these products. The CMA argued that individual stock perpetual contracts should be classified as security-based swaps, placing them under the regulatory jurisdiction of the U.S. Securities and Exchange Commission (SEC).

Coinbase and other companies contend that the products fall under security futures, and the SEC participated from the initial stages of the regulatory process. According to court filings, the applications for individual stock perpetual futures submitted by Coinbase, Kalshi, and Payward were deemed approved on November 2. The regulatory dispute remains pending before the court.