Stock perpetual futures can keep trading on Kalshi, Coinbase Derivatives and Bitnomial for now after a federal judge denied an emergency bid to halt them Tuesday, while finding that the Wall Street-backed challengers are likely to prove the CFTC overstepped its authority.

U.S. District Judge Valerie Caproni denied the temporary restraining order on Nov. 3 after a teleconference with the parties, hours after the CFTC said the products could begin trading on U.S.-regulated exchanges.

The plaintiff is the Capital Markets Alliance Association, a New York nonprofit whose members include Cboe Global Markets, Citadel Securities and the Healthy Markets Association, according to a…

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