Overview
- Applications from Coinbase Derivatives, KalshiEX and Bitnomial were deemed approved on November 2 after regulators did not object within the statutory review window, allowing exchanges to seek listing and certification.
- A federal judge denied the plaintiffs’ emergency request on November 3 but raised a preliminary doubt that perpetual contracts meet the statutory definition of security futures and suggested they may instead be security‑based swaps under SEC authority.
- On November 9–10, Coinbase, Kalshi, Payward (Bitnomial’s owner), DRW, Jump Trading and Paradigm asked the court for permission to file an amicus brief arguing that federal law and past practice allow perpetuals to be regulated as security futures with joint SEC‑CFTC oversight.
- Some exchanges moved forward with product steps after approvals, with firms reporting certifications and Kalshi announcing listings for contracts tied to names such as Tesla and Nvidia on November 5.
- If the court assigns these products to the SEC, the legal change would affect margin, clearing, listing rules and retail access for traders; the outcome will shape whether liquidity stays on domestic exchanges or shifts to venues under different rules.