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FollowingCoinbase obtains the final regulatory puzzle to achieve full integration of the U.S. derivatives business
The Commodity Futures Trading Commission (CFTC) has approved Coinbase Clearing LLC as a registered derivatives clearing house. The move marks the last piece of the regulatory puzzle Coinbase needs to operate a fully integrated U.S. derivatives business.
This approval means Coinbase can now combine its existing futures commission brokers and designated contract markets with its own clearing house, allowing exchanges to list, broker and clear regulated derivatives within the same corporate structure. Coinbase said the new structure also makes Coinbase Clearing the first U.S. clearing house built around USDC native collateral and round-the-clock clearing.
For Coinbase, it means much more than just getting another license. It brings the company closer to operating the vertically integrated derivatives infrastructure traditionally associated with major futures exchanges.
Coinbase now controls the entire trading life cycle
Coinbase previously operated Coinbase Derivatives LLC (its designated contract market regulated by the CFTC) and Coinbase Financial Markets (its futures commission broker). The new DCO (Derivatives Clearing Organization) registration has completed the third level of layout.
这使得 Coinbase 能够直接控制三个独立的功能环节：创建和列出合约、连接客户与这些产品，以及清算由此产生的交易。根据监管机构官方注册数据库的信息，CFTC 的注册允许 Coinbase Clearing 清算全额抵押的期货、期货期权和互换合约。
此举建立在 Coinbase 衍生品业务早期扩张的基础之上，包括一条允许符合条件的美国客户访问某些加密货币永续合约的监管路径。
USDC 进入清算层
公告中更为引人注目的部分是 Coinbase 决定以 USDC 抵押品和全天候结算为核心构建清算所。传统的期货市场通常围绕既定的清算周期和银行基础设施运作，而 Coinbase 则将其系统定位在加密货币市场全天候运行的结构之上。
随着各大交易所竞相将永续合约、加密货币期权及其他衍生品引入国内市场，这种策略的重要性日益凸显。今年早些时候，Coinbase 已获得监管豁免，扩大了海外衍生品产品的访问权限，这一决定也引发了传统交易所运营商的抵制。随后，芝加哥商业交易所（CME）着手对 CFTC 提起法律挑战，认为部分加密货币永续产品被错误分类。
