Coinbase filed two notices with the U.S. Securities and Exchange Commission (SEC) seeking approval to offer single-stock perpetual futures to U.S. traders, with the company’s policy chief indicating that the Commodity Futures Trading Commission (CFTC) would also need to sign off before any launch.
SEC Filings Cover Coinbase’s Regulated Entities
The filings, dated Sept. 1, were submitted by two regulated Coinbase subsidiaries, including Coinbase Derivatives. One notice identified in the documents was a Form 1-N filed by Coinbase Derivatives. Details of the prospective products and timelines were not disclosed in the public materials.
What Single-Stock Perpetual Futures Are
Single-stock perpetual futures are derivative contracts tied to the price of an individual equity that, unlike traditional futures, have no set expiration date. They rely on a funding mechanism to keep prices closely aligned with the underlying asset. While perpetual futures are common in crypto markets outside the U.S., applying the structure to individual equities would place the products under securities and derivatives oversight.
Next Steps and Regulatory Oversight
According to Coinbase’s policy leadership, any move to list single-stock perpetual futures in the United States will require approval from the CFTC in addition to the SEC. The SEC oversees securities and security-based derivatives, while the CFTC regulates futures and derivatives markets. Products referencing individual equities can fall under joint jurisdiction, and U.S. exchanges typically need permissions from both agencies before listing such contracts.
Context
Coinbase Derivatives operates a CFTC-regulated futures exchange. Bringing single-stock perpetual futures to the U.S. market would expand available derivatives tied to individual equities, subject to federal approval and compliance requirements. The company did not provide a launch date, and any offering remains contingent on regulatory review.