Coinbase seeks SEC approval to list 24/7 equity perpetuals
Coinbase files with SEC for equity perpetuals
Coinbase, the largest U.S.-based crypto exchange, is seeking approval from the U.S. Securities and Exchange Commission (SEC) to list equity perpetuals that trade around the clock. The company filed a notice registration form with the SEC earlier this week, according to Coinbase Chief Policy Officer Faryar Shirzad in a post on X on Thursday.
Equity perpetuals, or "perps," are a type of futures contract that do not have an expiration date. They allow investors to bet on the price movement of an asset without owning it directly. Currently, much of this market operates on offshore exchanges that are not regulated in the U.S.
Key details
- Coinbase would also need approval from the Commodity Futures Trading Commission (CFTC) after SEC sign-off, Shirzad said.
- Coinbase launched perpetual futures in March for people outside the U.S., covering stocks such as Apple, Microsoft, NVIDIA, and Amazon.
- Shirzad said: "Equity perps have proven demand internationally, and we’re excited at the prospect of a regulated pathway for U.S. investors."
Regulatory context
In May, the CFTC began allowing bitcoin perpetual futures contracts to list in the U.S. when its staff approved KalshiEX and Coinbase. A month later, the CFTC requested comments on crude oil perpetual contracts and 24/7 trading.
Separately, Hyperliquid, an offshore platform popular among crypto derivatives traders, has been in talks to enter the U.S. market through a deal with Payward, the parent company of Kraken, as reported by Bloomberg earlier this week.
What is confirmed
Coinbase has filed a notice registration form with the SEC to begin listing equity perpetuals, as stated by its chief policy officer. Shirzad also confirmed that CFTC approval would be needed next.
What is still unclear
The article does not specify which stocks would be offered, when the SEC or CFTC might decide, or whether approval is likely.
Why it matters
If approved, this could create a regulated U.S. pathway for equity perpetuals, a product that has proven demand internationally but is currently available mainly on unregulated offshore exchanges.
