Coinbase Stock Futures Plans Hit Regulatory Roadblock

Coinbase has submitted a proposed framework for perpetual futures tied to individual US stocks and exchange-traded funds, but regulatory approval is still pending. The Securities and Exchange Commission notice published on September 18 states that Coinbase Derivatives filed the proposal with the Commodity Futures Trading Commission (CFTC), which has yet to approve it.

The proposed contracts would provide cash-settled futures on individual equity securities and ETF shares, including those with no fixed expiration date. This structure would allow traders to gain exposure to changes in an underlying security's reference price without making them shareholders.

According to the proposal, open positions would be subject to funding payments, which would not have a universal rate or interval for every contract. Instead, each product appendix or identified market reference materials would specify the funding methodology and payment mechanics.