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Coinbase, a leading U.S. cryptocurrency exchange, plans to launch a futures trading product for Dogecoin (DOGE) next month, saying it has moved beyond its origins as a meme coin.
“Dogecoin’s continued popularity and active community support suggest that it has transcended its origins as a meme and become a staple of the cryptocurrency world.” coinbase It said this in a March 7 letter to the U.S. Commodity Futures Trading Commission (CFTC).
Coinbase Derivatives LLC has quietly filed a list of U.S. regulated futures for Dogecoin, Litecoin, and Bitcoin Cash with the CFTC.
They submitted their paperwork on March 7th, and surprisingly, no one seemed to notice.
If there is no opposition, futures will begin trading on April 1. pic.twitter.com/DYbWjuS6G2
— SummersThings (@SummersThings) March 20, 2024
Coinbase Lists Dogecoin and Two Other Crypto-Based Futures
In two letters sent on the same day, Coinbase Derivatives announced its intention to list similar cash-settled futures products for Litecoin (LTC) and Bitcoin Cash (BCH) with DOGE on April 1.
Coinbase Derivatives added that by listing futures products using the self-certification route under CFTC Rule 40.2(a), the platform can initiate trades without having to wait for direct approval from the CFTC. it still You must ensure that your contracts comply with the Commodity Exchange Act and CFTC regulations.
Will using Dogecoin force the SEC’s hand?
Analysts said Coinbase could be making a strategic move to force the United States’ hand. Securities and Exchange Commission (SEC). These filings could prevent the SEC from classifying proof-of-work (PoW)-based cryptocurrencies as securities, Bloomberg ETF analyst James Seyffart said in a March 20 post.
This is interesting. I wonder if the SEC objects to their classification as ‘commodity futures’ and ‘securities futures’. Since these are all forks from Bitcoin, the argument “these are securities” will be difficult to make after spot. #Bitcoin ETF approved. Maybe that’s why Coinbase chose it🤔 https://t.co/PRCxzQEYbi
— James Seyff (@JSeyff) March 20, 2024
He focused on Coinbase’s language in the document, which refers to its products as “commodity futures” rather than securities futures.
DOGE, LTC, and BCH are all forks of the original PoW Bitcoin network, making it difficult to call Coinbase’s futures securities after a spot Bitcoin ETF is approved, Seyffart added.
Dogecoin has surged more than 14% in the past 24 hours amid a widespread meme coin rally, and news of Coinbase’s planned DOGE futures contract is clearly bullish news for the $21.7 billion meme coin, the largest meme coin by market capitalization.
also Dogecoin 20 Ticketing. The Doge20 project is the first major upgrade to the DOGE brand and technology since its launch in 2013. Investors flocked to buy Doge20, which raised more than $4.5 million in one week.
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