Six firms—including Coinbase and Kalshi—back CFTC oversight of U.S. equity perpetual contracts

The U.S. Commodity Futures Trading Commission’s (CFTC) regulatory authority over single-stock perpetual contracts is now backed by six institutions: Coinbase, prediction market platform Kalshi, Payward (Kraken’s parent company), DRW Holdings, Jump Trading, and Paradigm. These firms have jointly filed a motion with a U.S. court seeking permission to submit an amicus curiae brief. In a public statement, Coinbase General Counsel Molly Abraham explained that, under the Commodity Exchange Act and the securities-futures regulatory framework established by Congress in 2000, single-stock perpetuals should be classified as securities futures—not security-based swaps. The group also warned that restricting such innovative products from launching compliantly in the U.S. would drive related trading activity offshore.