Industry firms back CFTC position on stock perpetuals as Hayes responds
Coinbase and five other firms asked a federal judge to support the CFTC’s position on US stock perpetual futures, prompting a response from Arthur Hayes.
Coinbase and five other firms asked a federal judge to support the CFTC’s position on US stock perpetual futures, prompting a response from Arthur Hayes. This is an original TLT brief based on reporting by Bitcoin World, with live market data added, as of Sat, 14 Nov 2026 10:15:03 UTC.
The proposed brief brings major crypto and trading firms into the debate over how US stock perpetual futures should be regulated. Their involvement signals broad industry support for the CFTC’s position ahead of a judicial decision.
- Coinbase and five firms sought support for the CFTC’s position on stock perpetuals.
- The joint request was submitted to a federal judge on November 9.
- Arthur Hayes said he was “flattered” by Coinbase’s defense.
- Bitcoin fell 2.15% over 24 hours as the market registered extreme fear.
- CFTC Backs US Stock Perpetuals as Wall Street Challenges Jurisdiction
- Crypto firms seek to support CFTC's bid over stock perpetuals
- Coinbase-Led Group Backs CFTC on U.S. Single-Stock Perpetuals
- Industry firms back CFTC position on stock perpetuals as Hayes responds — this brief
Coinbase is seeking federal judicial support for the Commodity Futures Trading Commission’s position on perpetual futures tied to US stocks. According to 
Bitcoin World, Coinbase, Kalshi, Kraken parent Payward, DRW Holdings, Jump Trading and Paradigm asked a federal judge on November 9 to allow the group to file a brief backing the CFTC.
The intervention places several crypto companies and trading firms on the same side of an unresolved regulatory question. The proposed filing is not described as a new product launch; rather, it is an effort to have their legal argument presented in federal court in support of the CFTC’s position on stock perpetuals.
Cointelegraph also reported that Arthur Hayes welcomed Coinbase’s defense of US stock perpetual futures, calling the move “flattered.” That outlet framed Hayes’ response against the history of perpetual swaps, noting that it came about a decade after BitMEX launched them. Bitcoin World focused more heavily on the identities of the companies joining Coinbase and the November 9 filing request.
The two accounts therefore reinforce the same central event while emphasizing different aspects of it: Bitcoin World identifies the participating firms, filing date and requested legal action, while Cointelegraph highlights Hayes’ reaction and the longer history of perpetual swaps. No material contradiction between the outlets was identified in the supplied coverage.
The development is part of a broader debate over the regulatory framework for derivatives that track stocks but remain available continuously through perpetual-futures contracts. The supplied summaries do not identify the specific court case, the CFTC argument, or a decision on whether the requested brief will be accepted.
Live market conditions were weak as the legal initiative emerged. The total crypto market capitalization stood at $2.33 trillion, the broader market was broadly lower, and Bitcoin was down 2.15% over 24 hours. The Fear & Greed index registered 13, placing sentiment in the Extreme Fear zone. What to watch next is whether the judge permits the brief and how the CFTC’s position on stock perpetual futures is addressed in the proceeding.
Figures and sectors in this story, checked live against on-chain aggregators · November 14, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Industry firms back CFTC position on stock perpetuals as Hay — questions & answers
Which companies asked to support the CFTC?
Coinbase, Kalshi, Kraken parent Payward, DRW Holdings, Jump Trading and Paradigm requested an opportunity to file a supporting brief.
How did Arthur Hayes respond to Coinbase?
Hayes said he was “flattered” by Coinbase’s defense of US stock perpetual futures. Cointelegraph linked the reaction to the decade since BitMEX launched perpetual swaps.
What was the market backdrop for this development?
Total crypto market capitalization was $2.33 trillion, Bitcoin was down 2.15% over 24 hours, and the Fear & Greed index stood at 13.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Bitcoin World. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.