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Coinbase, Kalshi and Jump Trading back CFTC in stock perps case

Coinbase, Kalshi, Jump Trading and Payward have sided with the CFTC in a lawsuit over perpetual futures on single stocks. A trade group of exchanges and brokers wants that trading blocked.

Illustration: A judge's wooden bench seen from the side in warm lamplight, with a heavy leather book and a small wooden mallet.
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Several crypto and trading firms, including Coinbase, Kalshi, Jump Trading and Payward, have filed a brief backing the Commodity Futures Trading Commission (CFTC). The brief is part of a lawsuit brought against the regulator's side by a trade group.

The trade group of exchanges and brokers wants perpetual futures on U.S. stocks blocked. Perpetual futures are contracts with no set expiry date, so a position can stay open for as long as the holder keeps it.

The firms are asking a judge to keep single-stock perpetual futures trading going.

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