Dogecoin might have begun as a joke, but this April Fool's Day, it's getting serious attention. Coinbase Derivatives plans to kick off futures trading for the top dog in memecoins, alongside litecoin and bitcoin cash.
On March 7, through three separate letters to the Commodities Futures Trading Commission , the crypto exchange announced its intention to launch monthly cash-settled futures contracts for dogecoin, litecoin and bitcoin cash. These communications, directed to CFTC Secretary Christopher Kirkpatrick, detailed the proposed contracts' sizes, settlement methods , and structure.
Coinbase highlighted in these letters that it's leveraging the self-certification route under CFTC Regulation 40.2 to list these futures contracts. This procedure permits exchanges to introduce new offerings without awaiting direct CFTC approval, provided they affirm the product's adherence to the Commodity Exchange Act and CFTC regulations.
Given that all three cryptocurrencies stem from bitcoin, which the Securities and Exchange Commission recognizes as a commodity, their classification raises interesting regulatory questions. Bloomberg Intelligence ETF research analyst James Seyffart posted on X.com, "This is interesting... wonder if the SEC objects to these being classified 'commodities futures' versus 'securities futures'.
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