Kalshi and Coinbase, among other platforms, are facing a deadline test from the U.S. Commodity Futures Trading Commission (CFTC) regarding stock perpetual contracts. Previously, the Capital Markets Alliance (CMA)—an industry organization comprising members such as the Chicago Board Options Exchange (CBOE) and Citadel Securities—filed a lawsuit against the CFTC in the Manhattan federal court, accusing the agency of overreaching its authority by approving the offering of single-stock perpetual futures and threatening the U.S. stock market. U.S. District Judge Valerie Caproni previously opined that the CFTC lacks statutory authorization and ordered the agency to respond by November 6. If the court ultimately rules in favor of the plaintiffs, dozens of stock perpetual contracts on platforms like Kalshi, Bitnomial, and Coinbase could face suspension.