Coinbase submitted a detailed comment letter to both the CFTC and SEC on August 24-25, proposing to classify equity perpetual derivatives as security futures under the Commodity Exchange Act. This framework would allow CFTC-registered designated contract markets like Coinbase Derivatives to offer these products through streamlined notice registration with the SEC. Coinbase has already launched perpetual-style equity index futures in 2026, including thematic baskets tied to artificial intelligence and defense sectors (AI10 and Defense10). The core argument is to use existing regulatory categories to avoid creating new rules. Coinbase argues this clarification would bring onshore trading volumes currently flowing through offshore platforms operating beyond US regulatory reach.
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