Coinbase and Payward back CFTC in stock perpetual futures lawsuit
Coinbase, Kraken's parent Payward, and other big digital asset firms are backing the US Commodity Futures Trading Commission (CFTC) in a court battle over who gets to regulate stock perpetual futures.
In November 2026, they sent a letter supporting the CFTC after the Capital Markets Alliance (CMA) challenged the commission's authority in court.
CMA seeks SEC oversight
CMA, which counts major players like Cboe and Citadel Securities, wants these futures regulated by the Securities and Exchange Commission (SEC) instead.
The CFTC called the lawsuit "troubling," saying clear rules are better than lawsuits that slow down innovation.
This debate is heating up just as Coinbase, Kalshi, and Payward got approved to list US stock perpetual futures on November 2, hinting at bigger changes ahead for how these digital assets might be handled under US law.