Hayes says he is honored by Coinbase's support for stock perpetual contracts.

On November 13, according to Cointelegraph, BitMEX co-founder Arthur Hayes said he is "honored" that Coinbase supported the US Commodity Futures Trading Commission (CFTC) in its legal dispute over equity perpetual contracts in the United States. Hayes noted that when BitMEX launched perpetual contracts in 2016, Washington's reaction was unfriendly; a decade later, Coinbase is defending in federal court the offering of such products on US stocks.

On Monday, six companies including Coinbase filed briefs opposing Capital Markets Alliance Association's (CMAA) request to block perpetual futures trading linked to individual stocks, which the court accepted on Tuesday. CMAA argued that these contracts should be classified as security swaps. Hayes also noted that the US Securities and Exchange Commission (SEC) reportedly filed an amicus brief on Monday opposing the alliance's request to temporarily halt trading of these contracts.