Coinbase has asked the U.S. CFTC and SEC to propose harmonized regulations for equity perpetual futures. These products, also known as tokenized real-world assets, allow traders to take leveraged positions on tokenized stocks and ETFs. Coinbase wants equity perps to be treated as security futures and any entity registered with either the SEC or CFTC to be allowed to list them without additional licenses. The RWA perps market has grown 4X in 2026, with Open Interest rising from $1 billion in Q1 to $4.5 billion in Q3. Both Coinbase and Hyperliquid are pressing regulators to clarify the framework for these products.
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