Several prominent crypto companies, including Coinbase, Kalshi, Payward (the parent company of Kraken), as well as DRW, Jump Trading, and Paradigm, have filed a motion to support the Commodity Futures Trading Commission (CFTC) in its ongoing legal dispute. This case arises from a lawsuit initiated by the Capital Markets Alliance, which includes Cboe and Citadel Securities, challenging the CFTC's authority to oversee perpetual futures trading on individual stocks, arguing that these instruments fall under the jurisdiction of the Securities and Exchange Commission (SEC). While the applications from the crypto firms for launching these contracts were approved on November 2, the legal proceedings are still in progress.