According to CoinMeta, Payward, the parent company of Coinbase, Kalshi, and Kraken, along with the three exchanges, have requested the federal court to accept a legal brief in support of the Commodity Futures Trading Commission (CFTC)'s regulatory authority over perpetual contracts related to U.S. individual stocks. According to court documents dated November 9th, these companies, together with DRW Holdings, Jump Trading, and Paradigm Operations, are defending CFTC against a lawsuit filed by the Capital Markets Alliance Association, with the dispute centered on whether single-stock perpetual contracts qualify as securities or futures. The six companies submitted a friendly court brief to the U.S. District Court for the Southern District of New York, challenging CFTC's handling of applications for the listing of stock perpetual contracts. All three exchanges submitted applications for the listing of perpetual contracts related to major U.S. stocks on September 18th and were approved on November 2nd. Payward owns Kraken and acquired Bitnomial this year.