Coinbase applies for DOGE, LTC and BCH futures trading! Forcing the SEC to determine that PoW coins are not securities

Coinbase, the largest cryptocurrency exchange in the United States, has recently made new moves in the derivatives trading market. Since being approved in August last year, allowing regulated cryptocurrency futures trading to be provided to eligible U.S. customers, Coinbase has launched products such as Bitcoin futures, Ethereum futures, and "micro" Bitcoin futures, Ethereum futures.

Coinbase plans to launch DOGE, LTC and BCH futures

On March 7, Coinbase Derivatives submitted three separate documents to the U.S. Commodity Futures Trading Commission (CFTC), planning to launch Dogecoin, Cash-settled futures contract products for Litecoin and Bitcoin Cash.

As long as the CFTC does not object, these futures products will begin trading as early as April 1. Coinbase stated in the documentation for the Dogecoin futures product: Coinbase Derivatives […] has submitted an initial listing application for a Dogecoin futures contract that will be listed on the exchange on or after April 1, 2024.

Coinbase: Dogecoin transcends meme origins

It is worth mentioning that Coinbase fully affirmed Dogecoin in the document, believing that Dogecoin Dogecoin’s culture and community are at the core of its unique identity and appeal. The Dogecoin community is known for its charity and fundraising efforts, supporting causes as diverse as Olympic bobsled teams and water purification projects in developing countries.

Although it started as a meme, Dogecoin has achieved a considerable market capitalization, making it one of the top cryptocurrencies by market capitalization at various times.

“Dogecoin’s continued popularity and active community support indicate that it has transcended its origins as a meme and become a fundamental element of the cryptocurrency world.”

analyst : The purpose is to force the SEC not to treat PoW coins as securities

In response, Bloomberg ETF analyst James Seyffart pointed out on X yesterday that these documents may be a carefully planned move aimed at forcing the SEC Any crypto-asset based on the same PoW mechanism as Bitcoin will not be classified as a “security.”

"Want to know if the US SEC objects to classifying them as "commodity futures" and "security futures". These are all forks from Bitcoin, so it would be difficult to make the argument that "these are securities" after the Bitcoin spot ETF is approved. This is probably why Coinbase chose them. ”

DOGE and BCH rose by more than 15%

Perhaps affected by this, DOGE, LTC and BCH all rose sharply in the past 24 hours, rising by 15.5%, 5.2% and 17.22% respectively.

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