Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading and Paradigm have asked a court for permission to file amicus briefs supporting the U.S. Commodity Futures Trading Commission's authority to regulate single-stock perpetual futures in the United States. The filings respond to a lawsuit brought last week by the Capital Markets Alliance, which seeks to overturn the CFTC's approval of these products. The Capital Markets Alliance argues that stock perpetual contracts lack fixed expiry dates and should be classified as security-based swaps, which cannot be listed on CFTC-regulated exchanges. Coinbase General Counsel Molly Abraham countered that under the Commodity Exchange Act and the security futures framework Congress established in 2000, security futures products are not swaps. Coinbase Vice Chairman Ryan VanGrack said global markets already trade stock perpetual contracts and U.S. investors should access them under joint CFTC and SEC oversight.