Coinbase to List Dogecoin, Litecoin, and Bitcoin Cash Futures Trading

A pair of Dogecoin on black stones.


American cryptocurrency exchange Coinbase Global Inc. has made headlines with its plans to list digital assets such as Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin (DOGE) for futures trading. The Commodity Futures Trading Commission (CFTC) recently received a filing from Coinbase Derivatives LLC outlining its intentions for regulated United States futures trading. The filing, submitted on Thursday, March 7th, has caught the attention of the crypto community as it paves the way for the introduction of these new trading products.

If there are no objections from the CFTC, these products, including Dogecoin Futures ETF, are set to be available for trading starting April 1. This development has been welcomed by the DOGE community members, with high hopes for the future of DOGE futures ETFs. Coinbase has taken the route of self-certification under CFTC Regulation 40.2(a) to list these futures contracts, demonstrating their commitment to moving forward with the trading of these altcoins.

The self-certification system enables Coinbase to proceed with Dogecoin Futures trading without waiting for direct approval from the CFTC, as long as they ensure that the products comply with the Commodity Exchange Act and CFTC regulations. In their filing, Coinbase has provided specific details about the proposed contracts' sizes, settlement methods leveraging a benchmark rate by Market Vector, and the overall structure of the futures trading.

It is interesting to note that Coinbase opted to approach the CFTC rather than the SEC for this Dogecoin Futures trading initiative. The SEC's classification of many cryptocurrencies, apart from Bitcoin, as securities under Gary Gensler's leadership, has posed challenges for crypto exchanges wishing to list digital assets. The CFTC's more favorable stance towards cryptocurrencies has been evident compared to the SEC, making it a logical choice for Coinbase in this instance.

While the SEC's approach may have raised uncertainties for Coinbase, the CFTC's recognition of Ethereum as a commodity has provided some reassurance to crypto issuers. This distinction could potentially work in Coinbase's favor as they navigate the regulatory landscape. Although there are no guarantees of approval from the CFTC, it appears that Coinbase stands a better chance with their current approach.

In the broader context of the cryptocurrency market, various news articles highlight recent price movements and developments across different digital assets. From Bitcoin reaching $66K to Ethereum surpassing $3500, there are ongoing discussions about market trends and potential price forecasts for various cryptocurrencies like XRP, ADA, Solana, and more. Additionally, regulatory actions such as the US DOJ charging individuals for crypto-related scams underscore the importance of compliance within the industry.

Coinbase's move to introduce Dogecoin, Litecoin, and Bitcoin Cash Futures trading demonstrates their commitment to expanding their offerings and catering to the evolving needs of the crypto community. As they navigate regulatory challenges and market dynamics, their strategic decisions will shape the future landscape of cryptocurrency trading and investment opportunities.