According to CoinMeta, co-founder Arthur Hayes stated that he feels honored that Coinbase has supported the U.S. Commodity Futures Trading Commission (CFTC) in the legal disputes surrounding stock perpetual contracts in the United States. Hayes mentioned that Washington's reaction to the introduction of perpetual contracts by BitMEX in 2016 was not favorable, and ten years later, Coinbase was defending the provision of such products on U.S. stocks in federal courts. Six companies, including Coinbase, submitted an opinion letter on Monday opposing Capital Markets Alliance Association's (CMAA) request to halt perpetual futures trading linked to individual stocks, and the court accepted this opinion letter on Tuesday. CMAA argued that these contracts should be regarded as securities-type swaps. The U.S. Securities and Exchange Commission (SEC) is reportedly to have submitted a proposed court opinion letter on Monday opposing the alliance's request to temporarily suspend trading of these contracts.