Coinbase Seeks To List DOGE, LTC, BCH Futures Trading

Coinbase is considering listing futures trading for Litecoin, Bitcoin Cash and Dogecoin and has submitted a filling to CFTC awaiting approval.

An American cryptocurrency exchange known as Coinbase Global Inc. is considering the possibility of listing futures trading for a few digital assets, including Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin (DOGE).

Following receipt of a filing from Coinbase Derivatives LLC, the Commodity Futures Trading Commission (CFTC) was provided with information regarding the company’s intentions regarding regulated United States futures.

Dogecoin, Litecoin and Bitcoin Cash Futures Trading Set For April 1

The submission of the filing on Thursday, March 7th, went unnoticed by many community members. In the meantime, the Commodity Futures Trade Commission (CFTC) has not yet responded.

Nevertheless, assuming the Commission does not raise any concerns, the products, including the Dogecoin Futures Exchange-Traded Fund (ETF), will be accessible for trade beginning on April 1.

Summers, the user of X who shared the news, emphasized that the new development will benefit members of the DOGE community. In the post, Summer tagged Elon Musk, the owner of X, and added, “Good day for dog connoisseurs, a stepping stone to DOGE futures ETF.”

It is important to note that the letters sent by Coinbase to Christopher Kirkpatrick, the Secretary of the Commodity Futures Trading Commission, request self-certification following CFTC Regulation 40.2(a) to list these futures contracts.

This indicates that Coinbase does not intend to wait for the direct approval of the Commodity Futures Trading Commission (CFTC) before beginning trading in Dogecoin Futures, as well as trading in other alternative cryptocurrencies, as permitted by the self-certification method.

Coinbase will also engage in trading other cryptocurrencies. The only thing required at this point is for the exchange to confirm that the goods follow the regulations set forth by the Commodity Exchange Act and the Commodity Futures Trading Commission.

The cryptocurrency company explained in its filing the structure of the proposed contracts, the sizes of the contracts, the settlement mechanisms that would leverage a benchmark rate provided by Market Vector, and the structure.

Coinbase Chose CFTC In the Dogecoin Futures Play

Coinbase’s decision to file this Dogecoin Futures trading filing with the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC) is not particularly surprising.

This latter entity has persistently acted as a bottleneck for several cryptocurrency exchanges interested in listing digital assets on their platforms. Gary Gensler, the Chair of the Securities and Exchange Commission, classified several important cryptocurrencies, including Bitcoin as securities.

Despite the three cryptocurrencies’ roots in Bitcoin, the securities regulator may opt to overlook them, potentially leading to Coinbase’s rejection.

Taking into consideration the measures taken by the SEC and the CFTC concerning cryptocurrency, it is evident that the latter has been more welcoming and accepting of the ecosystem.

When Binance and Coinbase were suing the SEC, Rostin Behnam, the Chair of the Commodity Futures Trading Commission (CFTC), made a statement that Ethereum is a commodity.

It is far simpler for cryptocurrency issuers to convince the Commission to consider their ideas when they take such a posture. Although it is impossible to conclude that the CFTC will also approve the offering, it is safe to assume that Coinbase is more likely to do so.