Coinbase filed a comment letter on August 25 with both the CFTC and SEC requesting that equity perpetual derivatives become available to US investors. These synthetic contracts, already offered internationally with up to 20x leverage on names like Apple, Microsoft, and Alphabet, allow traders to bet on stock prices 24 hours a day, 7 days a week, without ever owning the underlying shares. The company is pushing for these products to be classified as security futures, a category that already exists in US law but has never been widely used for perpetual-style contracts. This regulatory push is part of Coinbase’s Everything Exchange strategy, aiming to combine stocks, ETFs, crypto, and derivatives into a single platform. If accepted, equity perpetuals would fall under a joint CFTC-SEC regulatory framework with capital requirements and customer protection rules.
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