Coinbase, Kalshi, Jump Back CFTC in Single-Stock Perps Fight

The lineup here matters more than the filing itself: crypto-native venues and a major trading firm are siding with the regulator against traditional exchange and broker interests, framing single-stock perpetuals as a product worth defending in court. That alignment suggests the fight is as much about who gets to offer leveraged equity exposure as about the CFTC's authority. The open question is whether the judge treats the products' continued trading as a status quo worth preserving while the case proceeds, or grants the trade group's request to halt them — a ruling that would shape how quickly similar products reach U.S. retail.