Coinbase Files for Domestic Stock Perps Under Security Futures

Coinbase has filed regulatory paperwork to bring single-stock perpetual futures to American retail investors under a dual-oversight framework. The company's Sep. 3 filing disclosure confirmed both notices via X post, invoking provisions of the Commodity Futures Modernization Act of 2000 that give the proposed product a different and arguably more durable legal foundation.

The application is distinct from the CFTC-only self-certification route used by Kalshi exchange in May to list regulated crypto perpetual futures contracts. CME Group sued the CFTC on June 18, arguing that perpetual contracts are legally swaps under the Dodd-Frank Act, not futures.

Coinbase's Form 1-N and Form BD-N filings provide a clearer picture of what a domestic product might eventually look like. The company has explicitly not confirmed that domestic terms would mirror its international contracts, which offer up to 10x leverage on individual names and up to 20x on ETF baskets.