Coinbase has currently launched futures products for Bitcoin and Ethereum. The latest move is to plan to open futures contracts for Dogecoin, Litecoin, and Bitcoin Cash on April 1, seemingly aiming to force the SEC to determine that PoW coins are not securities.
(Previous summary:
Coinbase derivatives take another step forward! US retail investors can now trade “regulated” leveraged cryptocurrency futures.)
(Background supplement:
Milestone: Coinbase approved to offer “futures trading” of cryptocurrencies to eligible US customers)
Table of Contents:
Coinbase plans to launch DOGE, LTC, and BCH futures
Coinbase: Dogecoin surpasses its meme origins
Analyst: Aim is to force the SEC to not classify PoW coins as securities
DOGE and BCH surge over 15%
The largest cryptocurrency exchange in the United States, Coinbase, has made another move in the derivatives trading market. Since its approval in August last year, allowing regulated cryptocurrency futures trading for eligible US customers, the originally launched products only included Bitcoin futures, Ethereum futures, and “micro” Bitcoin futures, and Ethereum futures.
However, on March 7, Coinbase Derivatives announced in three separate filings to the US Commodity Futures Trading Commission (CFTC) its plans to launch cash-settled futures contract products for Dogecoin, Litecoin, and Bitcoin Cash.
As long as the CFTC “does not reject” these futures products, they will be available for trading as early as April 1. In the document for Dogecoin futures products, Coinbase wrote:
It is worth mentioning that Coinbase highly praises Dogecoin in the document, claiming that the culture and community of Dogecoin are important parts of its identity and appeal. The Dogecoin community is known for its charitable donations and fundraising activities, supporting various causes from the Olympic bobsled team to clean water projects in developing countries.
Although it started as a meme, Dogecoin has reached a significant market value, making it one of the top-ranking cryptocurrencies at different points in time.
In response to this, Bloomberg ETF analyst James Seyffart pointed out yesterday on X that these filings may be a carefully planned move aimed at forcing the SEC to not classify any cryptocurrency assets based on the same PoW mechanism as Bitcoin as “securities.”
Possibly influenced by this, DOGE, LTC, and BCH have all experienced significant surges in the past 24 hours, with increases of 15.5%, 5.2%, and 17.22% respectively.
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