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FollowingCoinbase filed a registration notice with the U.S. SEC to launch a single-share perpetual contract.
Coinbase announced this week that it has filed a registration notice with the U.S. Securities and Exchange Commission (SEC) to provide single-share perpetual futures products in the United States. The move adds another regulated derivative to Coinbase's U.S. product line, and also reflects that regulators are still clarifying the classification of perpetual contracts under U.S. legal frameworks.
formally submits documents to advance the localization process
Coinbase said in an official statement: "We are working hard to introduce single-share perpetual contracts to the U.S. market." The company added that it plans to work closely with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to promote the implementation of more major financial products in China.
The company disclosed two application documents filed on September 1. The first is Form 1-N filed by Coinbase Derivatives, LLC, which has provided other types of futures products through this channel; and the second is Form BD-N filed by Coinbase Financial Markets, Inc. to register as a broker dealer in securities and futures products under section 15(b)(11) of the Securities Exchange Act of 1934.
It should be noted that submitting the above documents does not mean that the product will be launched within a specific timetable. The registration notice only opens the door for brokerages or exchanges to provide certain types of products, but the final approval authority and possible additional conditions remain in the hands of regulators.
Tokenized product layout accelerates expansion
The application is also part of Coinbase's broader push into tokenized products strategy. In August, Coinbase launched a tokenized stock trading service for customers outside the United States, which also includes options trading and real-world asset (RWA) perpetual contracts linked to stock indexes.
In addition, Coinbase has also launched pre-IPO (Pre-IPO) perpetual contracts, including SpaceX, and Anthropic and OpenAI-related contracts are expected to follow suit. Trading volume in this market segment has increased more than tenfold since May to approximately $12 billion, according to CryptoQuant data.
Disputes over the classification of perpetual contracts continue
Perpetual futures have no expiration date and allow traders to speculate on the price of the underlying asset without holding it, while acceptance of such products in the U.S. market is still in its infancy.
In May this year, the CFTC approved Kalshi to provide Bitcoin perpetual futures, the first time the product has been licensed in the U.S. market. However, the Chicago Mercantile Exchange Group said it would sue the decision on the grounds that perpetual contracts should be classified as swaps rather than futures contracts and managed.
At the time, CME CEO Terrence Duffy pointed out that the company had been preparing for the case for eight months and emphasized that its exclusive licensing agreements with benchmark providers meant that any perpetual contracts linked to these benchmarks would still have to be traded through CME.
CFTC Chairman Michael Selig defended the original approval decision, arguing that the move would help introduce regulated products with no expiration dates into the domestic market under U.S. supervision.
