According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) submitted a friend of the court amicus brief to the court in support of the Commodity Futures Trading Commission's (CFTC) decision to approve perpetual futures trading on individual U.S. stocks. Previously, industry associations including CBOE and Citadel Securities filed a lawsuit, arguing that such products should be regulated by SEC and that the CFTC's approval violated the Administrative Procedure Act, requesting the court to revoke the relevant approvals. The SEC refuted the accusations of overstepping its authority and emphasized that changes to the rules made by the CFTC were also subject to SEC review, stating that both agencies maintained cooperation in regulating perpetual derivatives on individual stocks. Crypto industry companies such as Coinbase, Kalshi, Kraken, and their parent company Payward jointly submitted a brief in support of the SEC's actions. Perpetual futures on individual U.S. stocks applied for by three of these companies were deemed approved on November 2nd.