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Coinbase Global Inc. has filed with the Commodity Futures Trading Commission (CFTC) to offer futures trading for Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH), marking a significant expansion in its derivatives offerings.
Coinbase Eyes April Launch for Crypto Futures, Awaits CFTC's Silent Approval
In a breaking report by CoinGape, the Commodity Futures Trading Commission (CFTC) received a filing from Coinbase Derivatives LLC outlining its intentions for the regulated United States Futures. Notably, the filing was submitted on Thursday, March 7, and was successfully overlooked by many community members.
Meanwhile, the CFTC has not responded; however, if the Commission has no objections, the products, including the Dogecoin Futures ETF, will be available for trading on April 1. Summers, the X user who posted the news, highlighted how the new development would benefit DOGE community members.
"Good day for doge connoisseurs, a stepping stone to DOGE futures ETF," Summer said in addition to tagging X owner Elon Musk in the post.
Notably, the Coinbase letters addressed to Christopher Kirkpatrick, CFTC Secretary, seek self-certification under CFTC Regulation 40.2(a) to list these futures contracts.
This means Coinbase will not wait for the CFTC's direct approval before beginning Dogecoin Futures trading or trading in other altcoins permitted under the self-certification system.
According to CoinMarketCap, the exchange only needs to confirm that the products comply with the Commodity Exchange Act and CFTC regulations. The crypto firm's filing detailed the proposed contract sizes and settlement methods using Market Vector's benchmark rate and structure.
Coinbase Strategically Opts for CFTC Filing, Dodging SEC's Tighter Crypto Scrutiny
It is not surprising that Coinbase chose to file this Dogecoin Futures trading report with the CFTC rather than the SEC. The latter has been a stumbling block for several cryptocurrency exchanges looking to list digital assets. Many top cryptocurrencies, besides Bitcoin, were classified as securities by Gary Gensler, the SEC chair.
Even though the three cryptocurrencies have their roots in Bitcoin, the securities regulator will likely push them to the sidelines, resulting in a rejection for Coinbase. When comparing the SEC and CFTC approaches to cryptocurrency, the latter has been more welcoming and receptive to the ecosystem.
During the period surrounding the Binance and Coinbase lawsuits with the SEC, CFTC Chair Rostin Behnam stated that Ethereum is a commodity. With such a stance, cryptocurrency issuers will have an easier time getting the Commission to consider their proposals. This is not to say that the CFTC will approve the offering, but it is safe to assume Coinbase has a better chance.
Photo: Coinbase/Twitter
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