Six trading and crypto firms are backing the CFTC in a New York court after a federal judge said the agency likely lacked the authority to approve perpetual futures on single US stocks. On November 9, Coinbase, Kalshi, Kraken parent Payward, DRW Holdings, Jump Trading and Paradigm asked for permission to file a friend-of-the-court (amicus) brief supporting the approval. The suit comes from the Capital Markets Alliance Association, a new trade group whose members include Cboe and Citadel Securities. On November 3, Judge Valerie Caproni denied its request for a restraining order because it had not shown its members faced irreparable harm, but she found it likely to win on its claim that the CFTC could not approve the contracts as security futures.
The classification decides which agency regulates these contracts and whether retail customers can trade them. Security futures can be sold to ordinary investors under joint CFTC and SEC oversight. The alliance argues the contracts are security-based swaps, which fall under the SEC, and Caproni’s reasoning leaned that way because a security future requires delivery at a future date while a perpetual never expires. The six firms reply that a fixed expiry is not required, and that a ruling for the alliance would push these products offshore, because the SEC has no framework for retail trading of exchange-listed security-based swaps.
The products stay live for now. Coinbase Derivatives, KalshiEX and Bitnomial, which Payward owns, were deemed approved on November 2 when the CFTC’s review period ended without a written order, and Kalshi announced trading on more than 50 companies on November 5. The alliance’s reply on a preliminary injunction was due November 10, so the court has full briefing on whether to halt trading on all three exchanges while the case continues. At the time of this writing, no hearing or ruling date has been reported.
A few other stories worth your attention this week:
- Coinbase received final OCC approval on November 6 for a national trust bank, moving its institutional custody business from New York oversight to federal supervision over three years. Circle and Ripple hold final approvals too, and the Independent Community Bankers of America is suing the OCC over its trust charter policy.
- Binance warned on November 10 about “worse_query,” an iPhone flaw that lets a malicious app read other apps’ files, including wallet seed phrases and private keys, on iOS 26.7.1, 27.0.1 and 27.2. It advises deleting apps installed from untrusted sources and updating, and Apple has not confirmed the flaw.
- Lookonchain estimates that 14 public companies sold or transferred 108,247 BTC, worth $8.08 billion, in 2026, with miners MARA and Riot accounting for 56%. The total includes estimated outflows, and the miners cite debt repayment and data center spending.
In AI, Jensen Huang resigned as Nvidia’s CEO and left its board, with the company announcing it on November 12 after 33 years. The board opened an independent investigation on November 8 after allegations of a relationship between Huang and a Megaspeed executive that US intelligence believed served China, which Huang acknowledged to the board. CFO Colette Kress now serves as the interim CEO.
Microsoft has been pressing the Trump administration to drop a planned ban on imports of new Chinese optical transceivers, the parts that connect GPUs inside AI data centers. Separately, China’s October trade surplus narrowed to $105.3 billion from $133.5 billion in September, below the roughly $126 billion forecast, as imports jumped 41.6% while exports rose 35.2% on AI hardware demand. An internal EU assessment says Russia’s Operation Overload used AI voice clones and fake newscasts to exploit France’s October protests, though investigators found no evidence Moscow started or escalated them.
Jensen Huang’s exit from Nvidia and a court fight over stock perpetuals would have been enough talking points for a week, but we had more. If you missed anything, here’s your catch-up.
Lead Story of the Week:
Coinbase, 5 Firms Back CFTC Authority Over Stock Perpetuals (Read More)
Six crypto firms, including Coinbase and Kraken’s parent, filed a brief backing the CFTC in federal court. (Read The Full Story)
Market Highlights
- Coinbase Wins OCC Approval for National Trust Bank Charter
Coinbase gains OCC approval for a national trust bank, replacing separate state money transmitter licenses. (Read More)
- Jensen Huang Quits Nvidia After 33 Years
Nvidia CEO Jensen Huang resigned on November 12 amid a board probe into alleged foreign intelligence targeting. (Read More)
- Binance Warns iPhone Users of Critical iOS Flaw
Binance warns iOS 26.7.1, 27.0.1, and 27.2 users of a flaw letting apps access other apps’ files. (Read More)
- Deutsche Bank Launches Institutional Crypto Custody Service
Deutsche Bank launches crypto custody for European institutions, supporting BTC, ETH, USDC, EURC, and EURAU. (Read More)
- Public Bitcoin Miners Sell $8 Billion in BTC
Lookonchain says 14 public companies sold 108,247 BTC worth $8.08B in 2026, led by miners. (Read More)
Latest News For You
EU Report Links Russian AI Campaign to French Protests (Read More)
An EU report links Russia’s Operation Overload to AI-driven influence efforts during France’s protests. (Read More)
AI News Highlights
- Microsoft Opposes Proposed Ban on Chinese AI Hardware
Microsoft urges Trump to drop a ban on Chinese optical transceivers used in AI data centers. (Read More)
- China’s Trade Surplus Drops to $105B as AI Imports Rise
China’s October trade surplus falls to $105.28B, below forecasts and September’s record $133.53B. (Read More)
Market Movers
Top Gainers 📈
- catwifmask (MASK) +1,147.7%
catwifmask (MASK) is rising due to increasing institutional adoption and broader macroeconomic trends.
Top Losers 📉
- STONK (STONK) −57.67%
STONK (STONK) is dropping due to reduced trading volumes across Spot, Futures, and DEX markets.
Source: CoinGecko
Country Spotlight
Thailand Launches WORPT Crypto Payments for Tourists
Thailand has launched WORPT, an app that lets foreign tourists convert cryptocurrency into baht for everyday purchases without opening a local bank account. Developed by Wipay and Waan Exchange, it operates under an 18-month TouristDigiPay regulatory sandbox supervised by the Bank of Thailand and the SEC. (Read More)
Disclaimer: This roundup is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence
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