Coinbase says it ‘crossed’ memory baselines to launch DOGE futures.
Crypto exchange Coinbase believes that Dogecoin's (DOGE) “enduring popularity” has passed the origin of this meme to become a staple in the cryptocurrency industry – and now plans to launch cryptocurrency future trading products.
Coinbase Derivatives announced in three separate letters to the United States Commodity Futures Trading Commission (CFTC) on March 7 that it plans to launch cash-settled futures contract products for Dogecoin, Litecoin (LTC) and Bitcoin Cash (BCH). April 1.
Specifically, the letters stated that Coinbase Derivatives may list futures contracts on the platform before receiving any official approval from the CFTC.
Coinbase has stated that it will use a “self-certification” mechanism to launch futures contracts as long as they follow the regulatory guidelines set by the agency.
“Coinbase Derivatives […] In the year On April 1, 2024, the first listing of the Dogecoin Futures contract to be offered for trading on the exchange is self-certifying.
Coinbase has approved the announcement to list Dogecoin, stating that Memecoin has transcended its origins as a joke and has risen to become a fundamental part of the crypto industry.
“Dogecoin's enduring popularity and active community support suggests it has transcended its origins as a meme to become a mainstream part of the crypto world.”
According to data from CoinMarketCap, the price of Dogecoin is currently up 17% on the day and is trading at $0.15 at the time of publication.
While many market analysts on social media seemed confused by the move, analysts hinted that the move to list futures could be a calculated move by Coinbase to force the Securities and Exchange Commission's hand.
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In a March 20 blog post for X, Bloomberg ETF analyst James Seifert said the filings could be a strategic move by the SEC to force any bitcoin announcement to declassify any crypto assets based on a proven operating agreement scheme. “Security”
“It would be surprising if the SEC objected to these being classified as ‘commodity futures' and ‘security futures,'” Seifert wrote. “These [are all based on] Bitcoin So ‘these are securities' claims will be difficult to make once Bitcoin ETFs are adopted.
In the year In 2022, Coinbase acquired the CFTC-regulated FairEx derivatives exchange for its customers in the US to trade crypto derivatives.
Coinbase said at the time: “We want to make the alternative market more accessible to our millions of retail customers.
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