Crypto Exchanges
By Maheen Hernandez
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What Coinbase Already Built Internationally. Coinbase didn't come to this cold. Back on March 20, the exchange launched stock perps for non-U.S.
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CFTC Approval Is the Real Gate. The SEC filings matter, but they're not the finish line. Before any U.S.
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Hyperliquid Is Watching Too. Coinbase isn't the only one circling the U.S. derivatives market.
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Coinbase wants in. The exchange filed two separate notices with the SEC on September 1, pushing to offer single-stock perpetual futures to American traders — products that have…
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The filings came from two Coinbase entities. Coinbase Derivatives submitted Form 1-N to register as a security futures exchange.
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Perpetual futures are contracts with no expiry date. Traders can hold leveraged positions in a stock without ever owning the shares.
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The company already runs CFTC-regulated perpetual-style crypto futures for U.S. customers. That existing infrastructure probably helps. The pipes are there.
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CEO Brian Armstrong has been pretty open about where the company is heading. He's talked publicly about pre-IPO perps, stock options, and tokenized stocks as part of a broader…
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The SEC filings matter, but they're not the finish line. Before any U.S. customer can actually trade these products, the CFTC has to approve the contracts themselves.
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Read also: CFTC Seeks Dismissal of CME’s Crypto Futures Lawsuit, Citing No Legal Standing
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Regulators will have to decide whether to allow leverage on individual equities — and if so, how much. The international version of these products can run up to 10x leverage.
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There's also a coordination angle here. The SEC and CFTC don't always move in sync, and equity perps sit at the boundary of both agencies' jurisdictions.
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Coinbase isn't the only one circling the U.S. derivatives market. Hyperliquid is also working toward domestic entry, and it's doing so through a partnership with Payward — the…
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The fact that two major players are simultaneously pushing for U.S. market access tells you something about where the industry thinks the opportunity is.
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See also: Thailand’s SEC Imposes Strict KYC Rules on P2P Crypto Transfers and Wallets
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