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Following美国商品期货交易委员会批准Coinbase Clearing LLC作为衍生品清算机构
美国商品期货交易委员会（CFTC）已正式批准Coinbase Clearing LLC作为衍生品清算组织运营，这标志着Coinbase在美国的受监管基础设施进一步扩大。此次获批使Coinbase能够担任全额保证金期货、期货期权以及互换合约的清算所。
清算所审批范围界定
根据CFTC的规定，全额保证金头寸要求清算所必须随时持有足够的资金，以覆盖任何交易员的最大潜在损失。这意味着Coinbase Clearing的业务范围将排除杠杆交易和保证金交易。
在提交的应用中，Coinbase强调，全额保证金模式消除了计算变动保证金水平或维持违约基金的必要性。该公司表示，这种简化了直接清算流程的方法，降低了交易员的运营成本和风险管理复杂性。
CFTC的命令明确指出，该机构有权根据其判断修改、暂停或终止批准的条款。任何新的CFTC规则或规则变更都将具有优先权，从而允许根据需要进一步调整监管措施。
全面的衍生品生态系统
With this approval, Coinbase now controls the three core functions of exchange, broker and clearing house in its U.S. derivatives business. The company previously operated Coinbase Derivatives as its futures exchange and Coinbase Financial Markets as its futures broker. With the addition of clearing house functions, Coinbase can directly create and settle contracts for full-margin products.
Coinbase describes the new entity as the first "USDC Native Clearing House", promising to accept the stablecoin USDC as collateral and provide round-the-clock settlement services to customers.
Molly Abraham, General Counsel of Coinbase, emphasized that the CFTC's green light has improved Coinbase's end-to-end derivatives platform. She noted that the company is now in a position to leverage native USDC collateral and 24/7 settlement capabilities to expand regulated derivatives services.
It is worth noting that Coinbase's leveraged and margin based derivatives businesses are not affected by this order. For its margin products and expected individual stock perpetual contracts, the company continues to rely on existing partners such as Nodal Clear.
Nodal Clear currently serves as a clearing house for Coinbase Derivatives and will begin supporting 24-hour futures trading in crypto assets in May 2025. Earlier this month, Coinbase filed with the U.S. Securities and Exchange Commission (SEC) to launch individual stock perpetual contracts for U.S. clients.
Broader trends in market structure
The centralized management of clearing, brokerage and exchange services is consistent with the overall trend of the digital asset industry to simplify operations and ensure stricter compliance.
随着交易所和中介机构之间竞争的加剧，市场参与者密切关注着直接清算和原生稳定币抵押品的进展如何影响衍生品市场的流动性和安全性。随着透明度和监管的加强，一些分析师认为，全额保证金解决方案可能为保证金产品中缺乏的稳定性提供一定保障。
这些交易和结算方面的结构变化也反映在互联网驱动的市场中。在模因币（Meme Token）领域，价格监控、资产选择和时机把握等技术因素可以将病毒式传播的故事转化为显著的财务成果。例如，Fomo App记录了一笔关于“Niu Lai”代币的交易：一笔99美元的购买最终获利近37万美元，这说明敏锐的市场观察力可以显著影响结果。通过整合代币发现、社交动态、投资者排名和交易警报等功能，Fomo App使用户能够同时追踪价格走势和投资者行为——这是在快速变化的模因币周期中获得优势的关键。
