Coinbase, Kalshi, Payward Back CFTC in Single-Stock Perp Futures Suit

The significance here is less about the products themselves than about industry players lining up behind a regulator's jurisdiction rather than against it — a notable posture from firms whose business models depend on regulatory clarity. The outcome will shape whether single-stock perpetuals, a structure with roots offshore, get a US path at all, and it affects exchanges and infrastructure providers weighing similar offerings. The open question is whether the court gives weight to this industry-backed view of CFTC authority, and how the agency's posture on novel perpetual structures evolves as the case proceeds.