COINDESK · 2026-11-10 17:07 UTC

Crypto teams up with U.S. government to defend stock perps in legal fight

Coinbase, Kraken, Kalshi, Paradigm, DRW Holdings and Jump Trading filed a court brief backing the CFTC's position that single-stock perpetual futures are security futures rather than swaps. The Capital Markets Alliance, backed by Citadel Securities and Cboe, sued for an emergency halt, arguing the products fall under SEC jurisdiction as security-based swaps. A federal judge initially allowed trading to continue but signalled she believed the CMA's argument about CFTC overreach has merit.

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