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Home»ADOPTION NEWS»Coinbase begins trading for Dogecoin, Litecoin, and Bitcoin Cash futures on April 1
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Coinbase begins trading for Dogecoin, Litecoin, and Bitcoin Cash futures on April 1

By Crypto FlexsMarch 20, 20243 Mins Read
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Coinbase begins trading for Dogecoin, Litecoin, and Bitcoin Cash futures on April 1
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Market • March 20, 2024 5:10 PM EDT

Posted 1 minute ago In ~

Updated: March 20, 2024, 5:26 PM EDT

Dogecoin viceroy

+17.93%
It may have started as a joke, but it’s garnering a lot of attention this April Fool’s Day. Coinbase Derivatives plans to launch premier futures trading for the memecoin sector, along with Litecoin and Bitcoin Cash.

On March 7, in three separate letters to the Commodity Futures Trading Commission (CFTC), the cryptocurrency exchange announced its intention to launch monthly cash-settled futures contracts. Dogecoin, Litecoin and bitcoin cash. This communication, addressed to CFTC Secretary Christopher Kirkpatrick, details the proposed contract size, settlement method (utilizing benchmark interest rates based on market vectors), and structure.

Coinbase emphasized in the letter that it is utilizing its own certification route under CFTC Rule 40.2(a) to list futures contracts. This process allows exchanges to launch new products without waiting for direct approval from the CFTC if they confirm that the products comply with the Commodity Exchange Act and CFTC regulations.

Considering that all three cryptocurrencies are derived from Bitcoin, which has been recognized as a commodity by the Securities and Exchange Commission, their classification raises interesting regulatory issues. Bloomberg Intelligence ETF Research Analyst James Seyffart Posted on X.com“Interesting… I wonder if the SEC objects to their classification as ‘commodity futures’ and ‘securities futures’. Considering its origins in Bitcoin, especially after the approval of the spot #Bitcoin ETF, it would be difficult to claim that it is a security. “It will be difficult. Coinbase’s choice may be strategic.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Lawrence Lewitinn is The Block’s North American editor-in-chief. Lewitinn has extensive experience as a financial journalist, working at CoinDesk, CNBC, TheStreet, Yahoo Finance, Observer, and Modern Consensus. His experience also includes several years on Wall Street trading bonds, currencies and commodities for Millennium Management and MQS Capital. Lewitinn graduated from New York University, received an MBA from Columbia Business School, and a master’s degree in international relations from Columbia School of International and Public Affairs. He is a CFA Charterholder.

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