Coinbase Launching DOGE Futures

Crypto exchange Coinbase is gearing up to introduce futures trading for Dogecoin, highlighting the digital currency’s significant presence in the crypto space beyond its meme-based beginnings. On March 7, Coinbase Derivatives detailed its intent to the United States Commodity Futures Trading Commission (CFTC) to offer cash-settled futures contracts for Dogecoin, Litecoin, and Bitcoin Cash, aiming for a launch date as early as April 1.

In a bold move, Coinbase indicated that it might proceed with listing these futures contracts without waiting for explicit approval from the CFTC, leveraging the “self-certification” process that aligns with the regulatory agency’s guidelines. This process will allow Coinbase to list Dogecoin futures on its platform, provided they adhere to the established regulatory framework.

The decision to feature Dogecoin futures trading underscores Coinbase’s view of Dogecoin as more than just a whimsical internet meme. The company noted, “Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world,” signaling a broader acceptance and integration of Dogecoin within the crypto ecosystem.

As news of the upcoming futures trading emerged, Dogecoin’s value saw a significant uptick, with a 17% increase in price, trading at $0.15. The move by Coinbase has stirred curiosity and speculation among market watchers and analysts, with some suggesting that the introduction of futures contracts might be a strategic attempt to influence the Securities and Exchange Commission’s (SEC) approach to classifying crypto assets.

James Seyffart, a Bloomberg exchange-traded fund analyst, speculated in a March 20 post that Coinbase’s filings could be a strategic effort to challenge the SEC’s classification of certain crypto assets as securities, particularly those utilizing the same proof-of-work consensus mechanism as Bitcoin, which would be difficult to classify as securities following the approval of spot Bitcoin ETFs.

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