Coinbase and five other companies filed a brief opposing the Capital Markets Alliance Association’s request to block trading in perpetual futures tied to individual stocks. The court accepted the brief, but the dispute remains unresolved. The alliance argues that the contracts should face tighter retail-trading restrictions as security-based swaps.
On Nov. 3, US District Judge Valerie Caproni denied the alliance’s request for a temporary restraining order because it had not yet shown likely irreparable harm. She found that the alliance was likely to succeed on its claim that the CFTC exceeded its authority. The SEC reportedly submitted a proposed brief opposing a temporary halt, but said it was still reviewing the exchanges’ listing rules and left the contracts’ regulatory classification open.
