Coinbase, Kalshi Back CFTC in Perpetual Futures Lawsuit

The lineup here is the story: crypto-native venues and a prediction market siding with their own regulator in a fight that is really about product jurisdiction, not party affiliation. A ruling on stock-based perpetuals would redraw the boundary between crypto derivatives and traditional equities, touching exchanges, brokers and the CFTC's own authority. Whether that coalition holds together if the scope widens beyond perps is the open question.