Coinbase Unveils Expanded Futures Trading for Dogecoin, Litecoin, and Bitcoin Cash

Coinbase, the popular cryptocurrency exchange, has revealed its plans to introduce futures trading products for Dogecoin, Litecoin, and Bitcoin Cash. The exchange aims to launch these futures contracts as early as April 1, pending approval from the United States Commodity Futures Trading Commission (CFTC). Coinbase Derivatives, the division responsible for these products, intends to offer cash-settled futures contracts for the three cryptocurrencies on its platform. While awaiting formal approval, Coinbase plans to utilize a “self-certification” process to ensure compliance with regulatory standards. This move by Coinbase holds significance as these cryptocurrencies share foundational code with Bitcoin, which has been recognized as a commodity by regulatory bodies. The announcement has already had an impact on the market, with DOGE experiencing a 16.1% increase, BCH up by 11.4%, and LTC rising by 7.8%. Currently, Coinbase Derivatives offers futures contracts for Bitcoin and Ethereum, as well as contracts for crude oil. Experts believe that this development could challenge the Securities and Exchange Commission (SEC) to provide further clarification on the distinction between securities and commodities. Additionally, it is anticipated that this move by Coinbase could pave the way for the establishment of spot crypto ETFs in the future. This comes in the wake of the SEC’s recent approval of spot Bitcoin ETFs after a prolonged legal battle with Grayscale.