Coinbase and other institutions apply to file amicus brief supporting CFTC oversight of equity perpetual contracts

Odaily reports: Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading, and Paradigm have applied to the court to file an amicus brief supporting CFTC oversight of single-stock perpetual futures in the United States. The brief responds to a lawsuit filed last week by the Capital Markets Alliance (CMA); the CMA seeks to overturn the CFTC's approval of these products, arguing that equity perpetual contracts have no fixed expiration date and should be treated as "security-based swaps" that cannot be listed on CFTC-regulated exchanges. The institutions stated that the SEC has been involved since the beginning of the regulatory process, and that the SEC and CFTC jointly sought public comment.