A week after the first US approval of single-stock perpetual futures, a group of crypto and trading firms has asked a New York federal court to let them weigh in on the CFTC's side. Coinbase, Kalshi, Kraken parent Payward, DRW, Jump Trading and Paradigm want to file an amicus brief in the Southern District of New York.

The case was brought by the Capital Markets Alliance, a group whose members include Cboe and Citadel Securities. It sued on November 3 to vacate the approval and asked for an emergency injunction, arguing that perpetuals without an expiry are security-based swaps under sole SEC jurisdiction.

Coinbase, Kalshi and Payward applied to list the contracts in September, and the applications were deemed approved as of November 2.

The six firms argue the products are security futures under the joint CFTC and SEC framework Congress set up in 2000. Reclassifying them as swaps would shut US retail traders out, since the SEC has no exchange-traded retail framework for them, and would push the activity offshore.