Stock Perpetual Futures Explained: Why Coinbase, Kalshi and Kraken Are Fighting the CFTC Lawsuit

Coinbase, Kalshi, Kraken parent Payward and three trading firms are backing the CFTC in federal court against a Citadel- and Cboe-backed lawsuit that seeks to halt U.S. stock perpetual futures. The fight hinges on one question: are these never-expiring contracts security futures the CFTC can approve, or security-based swaps that belong to the SEC? A judge has let trading continue but signaled the challengers may win. Crypto and prediction-market heavyweights have stepped into a Manhattan courtroom to defend Washington’s newest market experiment. On Monday, Nov.