Coinbase joins Kraken in bringing US derivatives infrastructure in-house, after Kraken’s parent acquired Bitnomial and its CFTC-regulated exchange, clearinghouse and brokerage in May. Coinbase has received approval from the Commodity Futures Trading Commission (CFTC) to launch Coinbase Clearing LLC, its own US-based derivatives clearing organization. The registration became effective Monday, permitting the clearinghouse to clear fully collateralized futures, options on futures and swaps, though the registration does not permit the clearinghouse to clear its leveraged products. “Today’s CFTC approval completes Coinbase’s end-to-end derivatives infrastructure, enabling us to bring more regulated derivatives products to market with native USDC collateral and 24/7 settlement,” said Molly Abraham, Coinbase’s general counsel. Read more
Coinbase draws scrutiny after the CLARITY Act stalls, while the SEC moves ahead with tokenized stocks and crypto firms push deeper into payments. The crypto industry spent much of the past two years preparing for regulatory clarity in Washington. This week, one of its biggest legislative priorities hit a major roadblock. The CLARITY Act failed to advance in the Senate on Tuesday, falling short of the 60 votes needed to bring the bill to the floor for debate. The setback significantly narrows the bill’s path this year, with the Senate calendar tightening ahead of the Nov. 3 midterm elections. Strategists say crypto exchanges such as Coinbase may have more at stake than most from the stalled legislation. Read more
Kalshi’s proposal would bring perpetual futures tied to individual stocks to US traders, as Coinbase and Bitnomial pursue similar products. Kalshi has filed to offer perpetual futures tied to individual US stocks, joining Coinbase in a push to bring crypto-style derivatives to traditional equity markets. The prediction market filed the proposed rule change with the Securities and Exchange Commission and submitted it to the Commodity Futures Trading Commission (CFTC) for approval on Friday. The CFTC has yet to approve the proposal. The proposed contracts would have no preset expiration date and would use periodic funding payments between long and short positions to keep their prices aligned with the underlying stocks. Kalshi said the contracts would be treated as security futures products and cleared through its CFTC-registered clearinghouse, Kalshi Klear. Read more
Coinbase wants to bring 24/5 perpetual futures trading to individual US stocks, with its proposed contracts now awaiting regulatory approval. Coinbase has filed with the Commodity Futures Trading Commission to list single-stock perpetual futures in the United States, seeking to bring a derivatives product widely used in crypto markets to individual US equities. Read more
A strategist at the Danish bank said Coinbase has more at stake in the CLARITY setback because its trading business is directly exposed to US market-structure rules. While Bitcoin and crypto-linked stocks fell sharply after the US Senate failed to advance the Digital Asset Market Clarity, or CLARITY, Act, Saxo Bank believes exchanges like Coinbase have more at stake than most because clearer rules could directly affect their trading businesses. In a Wednesday note, Saxo strategist Ruben Dalfovo said Coinbase (COIN) is the most directly exposed to developments around CLARITY because market-structure rules could determine registration requirements, which assets can trade and who can participate in US crypto markets. “Coinbase is most exposed to clearer market rules because trading and crypto participation directly affect its business,” Dalfovo wrote. Read more
The partnership will provide stablecoin acceptance, settlement and real-time funding capabilities to over 1,000 community banks and credit unions. Cryptocurrency exchange Coinbase partnered with financial platform Moov to bring stablecoin infrastructure to more than 1,000 community banks and credit unions that are part of Moov’s customer base. The partnership will combine Coinbase’s regulated digital asset infrastructure and Moov’s payments platform to offer stablecoin payment acceptance, settlement and real-time funding, according to a Thursday announcement. The infrastructure will support use cases such as consumer stablecoin payments, merchant settlement and payouts. It will also offer businesses and merchants access to Coinbase custodial accounts. Read more
Coinbase is offering eligible Canadian traders perpetual and dated futures with up to 10x leverage as major US trading platforms expand their crypto presence in Canada. Coinbase has launched crypto derivatives trading in Canada, giving eligible users access to perpetual and dated futures tied to Bitcoin (BTC), Ether (ETH), Solana (SOL) and other assets. Read more