According to CoinMeta, institutions such as Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading, and Paradigm have applied to the court to submit amicus curiae opinions in support of CFTC's regulation of perpetual futures on individual U.S. stocks. These opinions respond to a lawsuit filed last week by the Capital Markets Alliance (CMA), which seeks to overturn CFTC's approval of these products, arguing that stock perpetual contracts, lacking a fixed expiration date, should be considered "securities-based swaps" and therefore not eligible for listing on exchanges regulated by CFTC. The aforementioned institutions stated that they have been involved since the beginning of the regulatory process, and that SEC and CFTC had jointly sought public input.