Coinbase seeks approval for stock futures in the US

Coinbase Derivatives has filed an application with the US commodities watchdog CFTC to be allowed to offer perpetual futures on individual US stocks and ETFs. The products are intended for the US market and could be launched as soon as the CFTC and, if necessary, the SEC grant their approval. Outside the US, Coinbase already offers this type of product to non-US users.

In brief:

• Coinbase Derivatives submits a CFTC application for perpetual futures on stocks and ETFs in the US.
• Apple is used as an example contract in the application.
• The products fall under joint supervision by the CFTC and SEC.

Apple as an example in the application

In the application, Coinbase uses Apple shares as a reference contract. These are so-called cash-settled perpetual futures, where no shares are delivered at expiry but the difference is settled in cash. According to the CFTC registration, the application has the status “approval pending” and lists 18 September 2026 as the effective date.

Coinbase categorises the contracts as security futures products, a category that in the US falls under the joint supervision of the CFTC and the SEC. That makes the regulatory path more complex than for ordinary commodity derivatives.

Step towards regulated equity derivatives on crypto exchanges

With this step, Coinbase is aligning itself with a broader trend in which crypto exchanges are closing the gap with traditional financial markets. For example, BNB Chain currently leads the market for tokenised shares with a volume of more than a billion dollars, while the SEC previously approved a temporary exemption for trading in tokenised shares.

For US users, perpetual futures on individual stocks are currently not available through Coinbase. If the application is approved, they will gain access to this type of derivative through a regulated US platform for the first time.