SEC Backs CFTC As Coinbase, Kalshi Face Legal Fight Over US Stock Perpetuals

The SEC submitted a court brief supporting the CFTC in a legal battle over perpetual derivatives linked to individual U.S. stocks. The CFTC is suing the Capital Markets Alliance (CMA). The intervention highlights the increasing division among regulators over who should oversee these products, with Coinbase and Kalshi facing the legal fight.