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BTC Coinbase filed regulatory documents seeking to provide equity perpetual contracts in the United States
Coinbase has filed documents with regulators seeking approval to provide Equity Perpetual Futures to U.S. investors. According to Faryar Shirzad, Coinbase's chief policy officer, the company filed a notification registry with the Securities and Exchange Commission this week. The move marks an important step in introducing equity-linked perpetual contracts into the U.S. derivatives market. However, before any domestic product is launched, Coinbase must also obtain approval from the Commodity Futures Trading Commission (CFTC).
Shirzad pointed out that equity perpetual contracts have attracted significant demand in international markets, which supports Coinbase's efforts to establish regulated channels for U.S. investors. Through a contract launched in March this year, Coinbase already offers similar products to qualified customers outside the United States. Perpetual futures allow traders to speculate on asset prices without buying stocks or holding fixed-maturity contracts. Unlike traditional futures, these contracts can remain open for trading as long as traders maintain collateral and meet margin requirements.
Still, federal regulators are taking steps to establish regulated paths for such popular derivatives. In May, CFTC staff allowed Coinbase and KalshiEX to move forward with plans involving Bitcoin perpetual futures contracts. Subsequently, the regulator solicited public opinions on perpetual crude oil contracts and all-weather derivatives trading. Coinbase's proposal would expand this regulatory debate beyond the cryptocurrency market to track contracts for listed companies.
Hyperliquid promotes regulated U.S. market access
Hyperliquid has made a mark among cryptocurrency derivatives traders with its decentralized perpetual futures platform. President Donald Trump has confirmed that CFTC Chairman Michael Selig is committed to legal access to Hyperliquid in the U.S. market. Meanwhile, Hyperliquid Labs is exploring another way to enter the U.S. market through Kraken's parent company Payward. According to Bloomberg, discussions between the two sides may support Hyperliquid's entry into the U.S. market through arrangements involving regulated perpetual contracts.
Coinbase entered this competition with its mature domestic operations and relationships in the cryptocurrency and derivatives space. However, before obtaining approval, regulators will review Coinbase's compliance systems, market monitoring, investor protection measures and risk control measures. Before offering all-weather equity perpetual futures to eligible U.S. investors, Coinbase must obtain approval from two regulators.
