Coinbase, five others back CFTC authority over single-stock perpetual futures

Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading and Paradigm have sought permission to file an amicus brief supporting the U.S. CFTC’s authority to regulate single-stock perpetual futures. Coinbase legal executive Molly Abraham said current law does not classify security futures products as swaps and argued that blocking innovation would only leave commodities trading outside the regulatory perimeter. Abraham added companies will keep working to bring stock perpetual futures to the U.S. in a compliant way. The CFTC has formally approved trading in perpetual futures tied to individual stocks on U.S.-regulated exchanges, but traditional stock exchanges are pushing back. Opponents argue the perpetual futures products are closer to swaps, which fall under U.S. SEC regulation.