Plaintiffs Win Stay

A less likely but material downside scenario is that the Capital Markets Alliance or CME-related challengers obtain appellate relief or a renewed injunction. That would question the legality of CFTC-approved equity perps and create a setback for Coinbase and Kalshi’s regulated derivatives strategy.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.