Coinbase submitted two registration filings to the Securities and Exchange Commission (SEC) on September 1, 2026. The Form 1-N registration document was filed by Coinbase Derivatives LLC, while the Form BD-N filing was submitted through Coinbase Financial Markets Inc.
The purpose behind the two filings points toward a single goal: bringing single-stock perpetual contracts to the United States market. Known as single-stock perpetual contracts, these instruments are derivative products whose value is pegged to an individual stock without an expiration date. Under the proposed structure, Coinbase Derivatives will operate as the exchange where the contracts are listed, while Coinbase Financial Markets will act as the broker-dealer intermediary for clients.
Dual Jurisdiction in the US
The move to bring perpetuals to the US places Coinbase before two distinct regulatory bodies. The derivative instrument falls under the dual jurisdiction of the SEC and the Commodity Futures Trading Commission (CFTC). Coinbase stated it will coordinate with both agencies before the new product receives regulatory clearance.
To date, Coinbase has not announced a definitive launch date for when these equity derivatives will become accessible to the US public. The exchange has also withheld the list of individual stocks that will serve as underlying assets. This derivatives expansion was revealed just one day before the launch of 23 crypto futures products in the Canadian market on September 2.
Looking to International Markets
Outside the US, stock perpetual products have been operating under Coinbase since March 2026. Its international exchange currently trades equity contracts for Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. In addition to single-stock offerings, the platform also lists perpetual contracts for broad market ETFs such as SPY and QQQ.
International trading rules allow traders to access leverage of up to 10x for single stocks and up to 20x for ETFs. All trade settlements on these derivatives are conducted entirely in USDC. Trading volumes across Coinbase’s derivative arms also remain strong: Coinbase Derivatives generates roughly $1.75 billion per 24 hours, while Coinbase International Exchange has surpassed $9.7 billion in volume.
Context of Legal Disputes
Coinbase’s registration filings arrive in the middle of a separate legal battle involving the CFTC. The proposal was submitted while the CFTC is embroiled in a legal dispute with CME Group, with the core disagreement centering on how perpetual futures are classified under US law.
Coinbase’s initiative adds to a growing list of market participants testing the boundaries of US derivatives rules. The outcome of these filings will help determine whether non-expiring derivative contracts can legally operate under the American regulatory framework.
Source: crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
