Key facts Coinbase, the largest US-based crypto exchange, filed notice-registration forms with the Securities and Exchange Commission (SEC) on 1 September 2026. Coinbase Derivatives submitted Form 1-N to register as a security futures exchange, and Coinbase Financial Markets filed Form BD-N as a limited-purpose broker-dealer. Chief Policy Officer Faryar Shirzad announced the step on 3 September 2026. The company said it would next need approval from the Commodity Futures Trading Commission (CFTC) before any US launch. The filings do not set a launch date, name the stocks involved, or state leverage limits. Coinbase Derivatives has operated as a CFTC-designated contract market since 2020, and Coinbase Financial Markets is already registered with the agency as a futures commission merchant.
"Equity perps have proven demand internationally, and we're excited at the prospect of a regulated pathway for U.S. investors", 3 September 2026.
— Faryar Shirzad, Chief Policy Officer, Coinbase
Perpetuals already trade offshore but not in the USPerpetual futures, or perps, are contracts with no expiration date. They let traders bet on price moves without owning the underlying asset. Perpetuals have become the dominant form of crypto derivatives trading worldwide. Coinbase launched stock perpetuals in March 2026 for users outside the United States, on shares including Apple, Microsoft, Nvidia and Amazon. US persons were barred from the service. Much of the global perpetuals market runs on offshore exchanges that US regulators do not oversee.
The CFTC opened a US path for crypto perpsIn May 2026, the CFTC approved KalshiEX's BTCPERP, the first bitcoin perpetual futures contract cleared to list on a US-registered exchange. Kalshi, better known for prediction markets, listed it as a registered designated contract market. On the same day, the agency issued a no-action position for Coinbase Financial Markets. That relief lets the firm route US customers to perpetuals on Deribit, Coinbase's offshore affiliate, which staff said can be treated as foreign futures. The framework is a policy stance, not a formal rule, so future agency leaders could change it. These actions set the market-structure backdrop for Coinbase's equity-perpetual filing.
Coinbase wants equity perps treated as security futuresThe registration follows a comment letter Coinbase sent to the SEC and CFTC in late August 2026. The letter was signed by policy executives Scott Bauguess and Julia Hueckel. It responded to a joint agency request for comment on how to define a swap and a security-based swap. Coinbase proposed classifying equity perpetual derivatives as security futures, a category that already carries joint oversight from both agencies. The exchange argued that this classification would let CFTC-registered markets list the products through notice registration with the SEC. Coinbase said current jurisdictional overlap keeps these products stuck on offshore venues.
Hyperliquid trades near a record highHyperliquid remains the dominant offshore perpetuals platform, and US regulators have signalled interest in bringing it onshore. Its HYPE token traded at $86.45 on 4 September 2026, up 5.29% over the past 24 hours (CoinPaprika, 4 September 2026), with a market value near $19.2 billion. The token reached a record high of $87.89 on 3 September 2026. "Equity perps have proven demand internationally, and we're excited at the prospect of a regulated pathway for U.S. investors", 3 September 2026.
— Faryar Shirzad, Chief Policy Officer, Coinbase
Perpetuals already trade offshore but not in the USPerpetual futures, or perps, are contracts with no expiration date. They let traders bet on price moves without owning the underlying asset. Perpetuals have become the dominant form of crypto derivatives trading worldwide. Coinbase launched stock perpetuals in March 2026 for users outside the United States, on shares including Apple, Microsoft, Nvidia and Amazon. US persons were barred from the service. Much of the global perpetuals market runs on offshore exchanges that US regulators do not oversee.
The CFTC opened a US path for crypto perpsIn May 2026, the CFTC approved KalshiEX's BTCPERP, the first bitcoin perpetual futures contract cleared to list on a US-registered exchange. Kalshi, better known for prediction markets, listed it as a registered designated contract market. On the same day, the agency issued a no-action position for Coinbase Financial Markets. That relief lets the firm route US customers to perpetuals on Deribit, Coinbase's offshore affiliate, which staff said can be treated as foreign futures. The framework is a policy stance, not a formal rule, so future agency leaders could change it. These actions set the market-structure backdrop for Coinbase's equity-perpetual filing.
Coinbase wants equity perps treated as security futuresThe registration follows a comment letter Coinbase sent to the SEC and CFTC in late August 2026. The letter was signed by policy executives Scott Bauguess and Julia Hueckel. It responded to a joint agency request for comment on how to define a swap and a security-based swap. Coinbase proposed classifying equity perpetual derivatives as security futures, a category that already carries joint oversight from both agencies. The exchange argued that this classification would let CFTC-registered markets list the products through notice registration with the SEC. Coinbase said current jurisdictional overlap keeps these products stuck on offshore venues.
Hyperliquid trades near a record highHyperliquid remains the dominant offshore perpetuals platform, and US regulators have signalled interest in bringing it onshore. Its HYPE token traded at $86.45 on 4 September 2026, up 5.29% over the past 24 hours (CoinPaprika, 4 September 2026), with a market value near $19.2 billion. The token reached a record high of $87.89 on 3 September 2026. Perpetuals already trade offshore but not in the USPerpetual futures, or perps, are contracts with no expiration date. They let traders bet on price moves without owning the underlying asset. Perpetuals have become the dominant form of crypto derivatives trading worldwide. Coinbase launched stock perpetuals in March 2026 for users outside the United States, on shares including Apple, Microsoft, Nvidia and Amazon. US persons were barred from the service. Much of the global perpetuals market runs on offshore exchanges that US regulators do not oversee.
The CFTC opened a US path for crypto perpsIn May 2026, the CFTC approved KalshiEX's BTCPERP, the first bitcoin perpetual futures contract cleared to list on a US-registered exchange. Kalshi, better known for prediction markets, listed it as a registered designated contract market. On the same day, the agency issued a no-action position for Coinbase Financial Markets. That relief lets the firm route US customers to perpetuals on Deribit, Coinbase's offshore affiliate, which staff said can be treated as foreign futures. The framework is a policy stance, not a formal rule, so future agency leaders could change it. These actions set the market-structure backdrop for Coinbase's equity-perpetual filing.
Coinbase wants equity perps treated as security futuresThe registration follows a comment letter Coinbase sent to the SEC and CFTC in late August 2026. The letter was signed by policy executives Scott Bauguess and Julia Hueckel. It responded to a joint agency request for comment on how to define a swap and a security-based swap. Coinbase proposed classifying equity perpetual derivatives as security futures, a category that already carries joint oversight from both agencies. The exchange argued that this classification would let CFTC-registered markets list the products through notice registration with the SEC. Coinbase said current jurisdictional overlap keeps these products stuck on offshore venues.
Hyperliquid trades near a record highHyperliquid remains the dominant offshore perpetuals platform, and US regulators have signalled interest in bringing it onshore. Its HYPE token traded at $86.45 on 4 September 2026, up 5.29% over the past 24 hours (CoinPaprika, 4 September 2026), with a market value near $19.2 billion. The token reached a record high of $87.89 on 3 September 2026. Perpetual futures, or perps, are contracts with no expiration date. They let traders bet on price moves without owning the underlying asset. Perpetuals have become the dominant form of crypto derivatives trading worldwide. Coinbase launched stock perpetuals in March 2026 for users outside the United States, on shares including Apple, Microsoft, Nvidia and Amazon. US persons were barred from the service. Much of the global perpetuals market runs on offshore exchanges that US regulators do not oversee.
The CFTC opened a US path for crypto perpsIn May 2026, the CFTC approved KalshiEX's BTCPERP, the first bitcoin perpetual futures contract cleared to list on a US-registered exchange. Kalshi, better known for prediction markets, listed it as a registered designated contract market. On the same day, the agency issued a no-action position for Coinbase Financial Markets. That relief lets the firm route US customers to perpetuals on Deribit, Coinbase's offshore affiliate, which staff said can be treated as foreign futures. The framework is a policy stance, not a formal rule, so future agency leaders could change it. These actions set the market-structure backdrop for Coinbase's equity-perpetual filing.
Coinbase wants equity perps treated as security futuresThe registration follows a comment letter Coinbase sent to the SEC and CFTC in late August 2026. The letter was signed by policy executives Scott Bauguess and Julia Hueckel. It responded to a joint agency request for comment on how to define a swap and a security-based swap. Coinbase proposed classifying equity perpetual derivatives as security futures, a category that already carries joint oversight from both agencies. The exchange argued that this classification would let CFTC-registered markets list the products through notice registration with the SEC. Coinbase said current jurisdictional overlap keeps these products stuck on offshore venues.
Hyperliquid trades near a record highHyperliquid remains the dominant offshore perpetuals platform, and US regulators have signalled interest in bringing it onshore. Its HYPE token traded at $86.45 on 4 September 2026, up 5.29% over the past 24 hours (CoinPaprika, 4 September 2026), with a market value near $19.2 billion. The token reached a record high of $87.89 on 3 September 2026. In May 2026, the CFTC approved KalshiEX's BTCPERP, the first bitcoin perpetual futures contract cleared to list on a US-registered exchange. Kalshi, better known for prediction markets, listed it as a registered designated contract market. On the same day, the agency issued a no-action position for Coinbase Financial Markets. That relief lets the firm route US customers to perpetuals on Deribit, Coinbase's offshore affiliate, which staff said can be treated as foreign futures. The framework is a policy stance, not a formal rule, so future agency leaders could change it. These actions set the market-structure backdrop for Coinbase's equity-perpetual filing.
Coinbase wants equity perps treated as security futuresThe registration follows a comment letter Coinbase sent to the SEC and CFTC in late August 2026. The letter was signed by policy executives Scott Bauguess and Julia Hueckel. It responded to a joint agency request for comment on how to define a swap and a security-based swap. Coinbase proposed classifying equity perpetual derivatives as security futures, a category that already carries joint oversight from both agencies. The exchange argued that this classification would let CFTC-registered markets list the products through notice registration with the SEC. Coinbase said current jurisdictional overlap keeps these products stuck on offshore venues.
Hyperliquid trades near a record highHyperliquid remains the dominant offshore perpetuals platform, and US regulators have signalled interest in bringing it onshore. Its HYPE token traded at $86.45 on 4 September 2026, up 5.29% over the past 24 hours (CoinPaprika, 4 September 2026), with a market value near $19.2 billion. The token reached a record high of $87.89 on 3 September 2026. The registration follows a comment letter Coinbase sent to the SEC and CFTC in late August 2026. The letter was signed by policy executives Scott Bauguess and Julia Hueckel. It responded to a joint agency request for comment on how to define a swap and a security-based swap. Coinbase proposed classifying equity perpetual derivatives as security futures, a category that already carries joint oversight from both agencies. The exchange argued that this classification would let CFTC-registered markets list the products through notice registration with the SEC. Coinbase said current jurisdictional overlap keeps these products stuck on offshore venues.
Hyperliquid trades near a record highHyperliquid remains the dominant offshore perpetuals platform, and US regulators have signalled interest in bringing it onshore. Its HYPE token traded at $86.45 on 4 September 2026, up 5.29% over the past 24 hours (CoinPaprika, 4 September 2026), with a market value near $19.2 billion. The token reached a record high of $87.89 on 3 September 2026. Hyperliquid remains the dominant offshore perpetuals platform, and US regulators have signalled interest in bringing it onshore. Its HYPE token traded at $86.45 on 4 September 2026, up 5.29% over the past 24 hours (CoinPaprika, 4 September 2026), with a market value near $19.2 billion. The token reached a record high of $87.89 on 3 September 2026. Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.