Arthur Hayes says he is flattered as Coinbase backs US stock perpetuals

Key points

• Coinbase and five other companies filed a brief on 9 November opposing the Capital Markets Alliance Association's bid to block stock perpetual futures; the court accepted it on 10 November.
• The CMAA argues the contracts are security-based swaps and cites about $375m in reported 24-hour notional volume for Kalshi's stock perpetuals soon after launch.

The suit was brought by the Capital Markets Alliance Association, which argues the contracts should be treated as security-based swaps and so face tighter limits on retail trading. The group said in a Tuesday filing that the CFTC approved the contracts without properly explaining its decision or settling open regulatory questions.

The SEC reportedly filed a proposed brief on 9 November opposing a temporary halt to trading, saying it was reviewing the exchanges' listing rules.

Hayes, who ran BitMEX when it launched its Bitcoin perpetual swap in 2016, told Cointelegraph that Washington's reaction then was "less than warm".

What to watch: The court must still rule on the Capital Markets Alliance Association's request to block trading in the stock perpetual contracts.

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