# Judge Leaves U.S. Stock Perpetual Futures Approvals in Place for Now

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/49505
Published: 2026-11-05T19:15:43.000Z
Updated: 2026-11-05T19:15:43.000Z
Section: Regulation

> The Nov. 3 order found challengers likely to prevail on their authority claim; a separate preliminary injunction request remains pending.

A federal judge kept approvals for U.S. stock perpetual futures in force for now, denying an emergency block while finding challengers likely to prevail on their claim that the CFTC exceeded its authority.

U.S. District Judge Valerie Caproni denied the Capital Markets Alliance Association’s request for a temporary restraining order targeting CFTC approvals for products tied to KalshiEX, Coinbase Derivatives and Bitnomial. She issued the order Tuesday, Nov. 3.

Caproni wrote that the contracts did not appear to qualify as security futures because they lack a provision for the future sale of a single security. Instead, she said, they appeared to fit the definition of swaps, which are overseen by the Securities and Exchange Commission.

The judge found the alliance had not shown its members were likely to suffer irreparable harm, a requirement for emergency relief. Although the approvals continue, Caproni's ruling leaves the merits unresolved, and the alliance's preliminary-injunction request remains before the court.

CFTC Chairman Michael S. Selig said the contracts were deemed approved under Regulation 40.3 as security futures products subject to both agencies’ regulatory frameworks. The dispute centers on whether single-stock perpetuals fall under futures regulation or securities law.