Six companies, including Coinbase, Kalshi and Jump Trading, asked a New York court not to block perpetual futures on individual U.S. stocks. They backed the CFTC’s position in its dispute with the Capital Markets Alliance Association.
The trading group claims the contracts are security-based swaps and should be regulated by the SEC. The companies consider them security futures, which are jointly overseen by the CFTC and SEC.
Kalshi began trading these products on November 5 after the CFTC raised no objections to its application within 45 days. Unchained reports that Kalshi’s application covered 58 contracts.