Crypto exchange Coinbase believes that Dogecoin (DOGE) has outgrown its meme origins and has become a significant player in the cryptocurrency industry. As a result, Coinbase plans to launch futures trading products for DOGE, as well as for Litecoin (LTC) and Bitcoin Cash (BCH). Coinbase Derivatives, in letters to the Commodity Futures Trading Commission (CFTC), stated its intention to launch cash-settled futures contract products for these cryptocurrencies by April 1. Interestingly, Coinbase indicated that it could list these futures contracts on its platform without waiting for official approval from the CFTC, as long as it adheres to regulatory guidelines. The exchange justified its decision by arguing that DOGE has become an integral part of the crypto industry, surpassing its status as a meme. The current price of DOGE is $0.15, having risen by 17% on the day. Some market commentators are puzzled by Coinbase’s move, although analysts speculate that it could be a strategic move to influence the Securities and Exchange Commission’s classification of crypto assets. By listing futures contracts, Coinbase may be pushing for these assets to be considered commodities rather than securities. In 2022, Coinbase acquired FairX, a CFTC-regulated derivatives exchange, to offer crypto derivatives trading to its US customers.
Coinbase announces upcoming launch of DOGE futures, emphasizing its evolution beyond meme origins