Hayes Responds as Coinbase Backs US Stock Perpetual Futures

Arthur Hayes said he was flattered by Coinbase’s support for the Commodity Futures Trading Commission in a US legal dispute concerning perpetual futures tied to individual stocks. Hayes pointed to BitMEX’s 2016 launch of a Bitcoin perpetual swap in remarks reported on November 13.

Coinbase and five other companies submitted a court brief supporting the CFTC’s position in litigation over whether US exchanges may list perpetual futures tied to individual equities. The filing places a major US crypto exchange among firms backing the regulator’s treatment of the products under the security-futures framework.

The CFTC said on November 3 that perpetual futures on individual equity securities could begin trading on CFTC-registered exchanges. The agency described the instruments as security futures products subject to applicable CFTC and Securities and Exchange Commission frameworks.

Coinbase joins brief supporting CFTC position

The legal dispute concerns the regulatory classification of stock perpetuals and whether exchanges in the United States can list them. Coinbase’s brief, joined by five other companies, supports the CFTC’s view in the case.

A court brief is an expression of a legal position rather than confirmation that a particular exchange has listed, or will list, a stock perpetual product. The available evidence does not identify product specifications, participating venues, or a timetable for any individual platform’s rollout.

Related reading: Coinbase News on BTCNews.

CFTC outlines security-futures framework

In its November 3 statement, the CFTC said equity perpetual futures could begin trading on CFTC-registered exchanges. It characterized perpetual futures on individual equity securities as security futures products, placing them within applicable joint CFTC and SEC oversight arrangements.

That designation is significant because it frames stock-linked perpetuals through an established US regulatory structure rather than treating them solely as crypto-market derivatives. It also means any trading activity would be governed by the applicable requirements of both agencies’ frameworks.

The CFTC statement provides the regulatory basis cited in the dispute, but it does not by itself establish which firms will offer the contracts. Further exchange-level announcements or regulatory steps would be needed to clarify how, and where, products become available.

Related reading: OKXICE Plans November 23 Launch for Tokenized U.S. Securities Trading on BTCNews.

Hayes cites BitMEX’s earlier perpetual swap

Hayes connected the development to BitMEX’s Bitcoin perpetual swap, which he said launched in 2016. His comment presents Coinbase’s position as recognition of a derivative format associated with crypto trading that is now being considered for individual equity securities in the United States.

The comparison is background rather than evidence that Bitcoin perpetual swaps and proposed stock perpetuals face identical rules. The CFTC’s statement specifically addresses contracts on individual equity securities and describes their treatment as security futures products.

For market participants, the confirmed next step is continued attention to the litigation and to any exchange notices issued under the CFTC and SEC frameworks. The evidence supports no conclusion about launch dates, contract availability, or trading volumes.

Sources

• Cointelegraph: Arthur Hayes ‘flattered’ as Coinbase backs US stock perps
• Cointelegraph: Coinbase, Kalshi join lawsuit backing CFTC over US stock perp futures
• Commodity Futures Trading Commission: Statement on Equity Perpetual Futures

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