Breaking: Coinbase Files To List DOGE, LTC and BCH Futures Trading

American cryptocurrency exchange Coinbase Global Inc. is looking to list a few digital assets Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin (DOGE) Futures trading. 

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

The Commodity Futures Trading Commission (CFTC) received a filing from Coinbase Derivatives LLC detailing its intention for the regulated United States Futures. Notably, the filing was submitted on Thursday, March 7th and it successfully went unnoticed by many community members. 

In the meantime, no response has been received from the CFTC but if there are no objections from the Commission, the products including Dogecoin Futures ETF will be available for trading from April 1. The X user who posted the news, Summers, highlighted that the new development would be a plus for DOGE community members.

“Good day for doge connoisseurs, a stepping stone to DOGE futures ETF,” Summer said in addition to tagging X owner Elon Musk in the post.

Noteworthy, the Coinbase letters that were directed to Christopher Kirkpatrick, CFTC Secretary, seek self-certification under CFTC Regulation 40.2(a) to list these futures contracts. 

This means that Coinbase does not intend to wait for the direct approval of the CFTC before commencing with the Dogecoin Futures trading as well as those of the other altcoins as permitted under the self-certification system. 

All that is required at this time is that the exchange affirms that the products are in alignment with the Commodity Exchange Act and CFTC regulations. In its filing, the crypto firm provided details of the proposed contracts’ sizes, settlement methods that would leverage a benchmark rate by Market Vector, and the structure.

Coinbase Chose CFTC In the Dogecoin Futures Play

It is rather unsurprising that Coinbase chose to make this Dogecoin Futures trading filing with the CFTC rather than the SEC. The latter has constantly made itself a clog in the wheel of several crypto exchanges that wish to list digital assets. Many top cryptocurrencies, besides Bitcoin, were categorized as securities by Gary Gensler, the SEC Chair  

Even though the three cryptocurrencies have their root in Bitcoin, the securities regulator might likely relegate them to the background, leading to a rejection for Coinbase. Comparing both the SEC and CFTC approaches to crypto, it is obvious that the latter has been more friendly and receptive towards the ecosystem. 

Amid the period surrounding Binance and Coinbase lawsuits with the SEC, CFTC Chair Rostin Behnam stated that Ethereum qualifies as a commodity. With such a stance, it is easier for crypto issuers to get the Commission to consider their proposals. This is not to conclude that the CFTC will approve the offering either but it is safe to say Coinbase stands a better chance.