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Coinbase to Launch DOGE, LTC, and BCH Futures Trading

American cryptocurrency exchange Coinbase Global Inc. has recently filed with the Commodity Futures Trading Commission (CFTC). They aim to introduce futures trading for three digital assets: Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin (DOGE).

The filing, submitted on March 7th, remained under the radar until now, signaling Coinbase’s strategic move into the futures market. If approved by the CFTC, trading for these futures contracts is slated to commence on April 1st.

Coinbase launching DOGE, LTC, BCH futures trading
Source: Coinbackyard

Coinbase’s decision to pursue CFTC approval rather than SEC involvement is strategic. Crypto exchanges consider this choice due to the SEC’s historical challenges in listing digital assets. The CFTC’s friendlier stance towards cryptocurrencies, evident in its recognition of Ethereum as a commodity, provides a more favorable environment for Coinbase’s proposal.

By offering futures trading for DOGE, LTC, and BCH, Coinbase aims to capitalize on the enduring popularity of these cryptocurrencies. Dogecoin, in particular, has transcended its meme origins to become a significant player in the crypto industry, as indicated by its active community support.

Through self-certification under CFTC regulations, Coinbase seeks to expedite the listing process, demonstrating its commitment to aligning with regulatory guidelines. This move not only expands Coinbase’s derivatives offerings but also sets a precedent for the potential introduction of futures ETFs for these altcoins.

In a landscape where regulatory clarity is paramount, Coinbase’s strategic maneuver underscores its efforts to navigate the evolving regulatory landscape. It also expands its product offerings to cater to the growing demands of the crypto market.

March 21, 2024 at 08:58 am

Updated March 21, 2024 at 08:58 am

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