COIN
The crypto party finally gets a U.S. guest list
The CFTC didn’t exactly rewrite the entire rulebook, but it did something close enough for traders to start paying attention: it issued guidance that clears a path for perpetual futures to trade under existing U.S. frameworks. That’s a big deal in crypto land, where perpetuals have been the offshore cool kid for years.
Why Coinbase is suddenly in the spotlight
Coinbase Global got a no-action position from the regulator for its Coinbase Financial Markets unit, which opens the door for digital commodity derivatives products. Translation: the company may be able to bring more of the crypto trading circus onshore instead of watching U.S. users wander off to offshore venues.
That could matter a lot because perpetual futures are one of crypto’s biggest volume machines. If Coinbase can grab even a slice of that pie, it’s not just another checkbox on a compliance slide deck — it’s a real new revenue lane.
The fine print is doing a lot of work
This wasn’t a formal rule change, and the CFTC was pretty clear that nonstop trading brings real headaches:
- 24/7 risk management
- liquidity and settlement issues
- clearing operations that don’t get to sleep like the rest of us
Still, the message was unmistakable: regulators are more willing to let these products live inside U.S. guardrails. Big picture: if crypto derivatives start coming home, Coinbase could be one of the biggest winners.