Coinbase Seeks SEC Approval for Single-Stock Perpetual Futures

Coinbase has filed notice registrations with the SEC for single-stock perpetual futures in the US. The filings open a regulatory pathway, but no approval or launch timeline exists yet.

This move would extend Coinbase's crypto-perpetuals business to individual equities, allowing traders to bet on stock prices without owning shares. This is similar to the always-on model found on offshore crypto venues.

The classification of perpetual contracts as futures or swaps remains contested in US law. The CFTC approved Kalshi to offer Bitcoin perpetual futures in May, but this decision was challenged by CME Group, arguing that such contracts should be regulated as swaps rather than futures.