The Commodity Futures Trading Commission registered Coinbase Clearing LLC as a Derivatives Clearing Organization on September 28, allowing the company to operate its own regulated clearinghouse for fully collateralized derivatives. The approval enables the clearing of fully collateralized futures, options on futures and swaps. Coinbase built this infrastructure around USDC collateral and 24/7 settlement, aligning with crypto’s always-on trading model. With this registration, Coinbase now controls three separate regulated components covering derivatives: its exchange (Coinbase Derivatives LLC), its brokerage (Coinbase Financial Markets) and its clearinghouse (Coinbase Clearing LLC), achieving full vertical integration within the U.S. regulatory framework.
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