COINDESK · 2026-11-10 17:42 UTC

Crypto is now teamed up with U.S. government in two legal battles over perps

Crypto and prediction market firms including Coinbase, Kraken and Kalshi sided with the CFTC in a lawsuit by the Capital Markets Alliance, backed by Citadel Securities and Cboe, seeking to halt single-stock perpetual futures. The crypto side argues stock perps are securities futures, not swaps, and that both the CFTC and SEC have treated them that way; the alliance argues they are securities-based swaps under SEC jurisdiction. A federal judge initially allowed trading to continue but signaled she believed the alliance's argument about CFTC overreach has merit; a separate CME case over crypto…

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