Coinbase, Kalshi and Jump Trading Urge Judge to Keep Single-Stock Perps Trading

Brief

By Dextape Desk · November 10, 2026

Six crypto and trading firms, including Coinbase and Kalshi, have urged a federal judge in New York to let single-stock perpetual futures keep trading. In a friend-of-the-court filing dated Nov. 9, they back the Commodity Futures Trading Commission against the Capital Markets Alliance Association, a trade group of stock exchanges and brokers. The alliance sued the CFTC and chairman Michael Selig on Nov. 3, arguing the agency shifted position without a written order and that the products count as security-based swaps Congress assigned to the SEC. The firms reply that equity perpetuals fall outside that category and that a ruling against them would push the products offshore. The SEC has yet to act on the exchanges' listing applications.

Why it matters: The case will help determine whether stock-linked perpetual contracts, approved by the CFTC, can remain available to U.S. traders.

Mentioned: Coinbase

Summary by Dextape, based on reporting by Unchained. Machine-written from Unchained’s report and checked against it · How Dextape writes