Coinbase files to bring stock perpetuals to the US
Sep 04, 2026
Coinbase has filed two SEC notice registrations dated Sept. 1 as it works to bring single-stock perpetual contracts to the United States through its regulated derivatives exchange and brokerage.
Coinbase filings establish a dual SEC-CFTC route
Under SEC rules, Form 1-N allows an exchange regulated by the CFTC to register with the SEC for the sole purpose of trading security futures products. Coinbase Derivatives has operated as a CFTC-designated contract market since 2020, according to the company’s regulatory disclosures.
Single-stock perpetuals would extend an existing overseas product
Coinbase launched stock perpetual futures for eligible customers outside the United States in March, according to the company’s International Exchange announcement. U.S. persons were expressly barred from using the service.
Coinbase has expanded regulated derivatives access
The registration notices follow several additions to Coinbase’s derivatives business during 2026. In May, CFTC staff granted Coinbase Financial Markets regulatory relief connected to eligible U.S. institutions accessing certain derivatives listed on Deribit, the offshore platform Coinbase acquired.
Perpetual contracts remain contested in the US
Coinbase’s stock-product plan arrives while U.S. courts and regulators are still considering how some perpetual contracts should be classified. In June, CME Group sued the CFTC over the regulator’s treatment of crypto perpetuals offered through platforms including Coinbase and Kalshi.
According to CME’s complaint, perpetual contracts fit the definition of swaps under the Dodd-Frank Act and should not be regulated as ordinary futures. The exchange operator accused the CFTC of departing from its past approach and bypassing procedures required for swap products.
