Coinbase Shakes Up Crypto Market with Launch of DOGE Futures – No Longer Just a Meme!

Last Updated on March 21, 2024

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Dogecoin crypto tokens for DeFi banking. Source: Chinnapong -

Key Takeaways:

  • Coinbase plans to launch futures trading for Dogecoin, Litecoin, and Bitcoin Cash by April 1, marking a significant step for Dogecoin from a meme to a major cryptocurrency.
  • The exchange will use the self-certification process to list these futures contracts, demonstrating confidence in meeting regulatory standards without prior formal approval from the CFTC.
  • This move could challenge the SEC’s regulatory authority over cryptocurrencies, particularly regarding the classification of digital assets as securities, amidst Dogecoin’s price surge of 17% to $0.15.

Coinbase, the renowned cryptocurrency exchange, has unveiled plans to introduce futures trading for Dogecoin, Litecoin, and Bitcoin Cash, targeting an April 1 launch date. This move highlights Dogecoin’s transformation from a humorous internet meme to a significant player in the cryptocurrency space, signaling its “enduring popularity” and established status in the industry.

The exchange communicated its intentions through three detailed submissions to the United States Commodity Futures Trading Commission (CFTC) on March 7. These letters outlined Coinbase Derivatives’ strategy to offer cash-settled futures contracts for these cryptocurrencies as early as the beginning of April.

In a notable strategy, Coinbase Derivatives indicated its readiness to list these futures contracts on its platform even without prior formal approval from the CFTC.

The exchange plans to leverage the “self-certification” process, ensuring the futures contracts adhere to the regulatory standards specified by the agency.

This proactive approach reflects Coinbase’s confidence in Dogecoin’s transition beyond its initial meme status to a cornerstone of the cryptocurrency ecosystem. The exchange’s statement emphasized Dogecoin’s sustained popularity and the vibrant community backing it, underscoring its evolution into an integral part of the crypto world.

At the time of this announcement, Dogecoin witnessed a significant price surge, increasing by 17% to trade at $0.15, as reported by CoinMarketCap. This development has sparked varied reactions across the industry, with some market observers expressing surprise over Coinbase’s strategic move.

Dogecoin price
Dogecoin’s price surge. Source: CoinMarketCap

Analysts speculate that Coinbase’s decision to list futures contracts might be a deliberate attempt to challenge the Securities and Exchange Commission’s (SEC) regulatory stance.

Bloomberg ETF analyst James Seyffart suggested on X (formerly Twitter) that the filings could be a tactical effort to prevent the SEC from classifying cryptocurrencies based on the proof-of-work consensus mechanism, similar to Bitcoin, as “securities.” This maneuver could complicate any claims by the SEC to categorize these assets as securities, especially following approvals for spot Bitcoin ETFs.

This development not only marks a significant milestone for Dogecoin and similar cryptocurrencies but also represents a pivotal moment in the ongoing dialogue between cryptocurrency exchanges and regulatory authorities regarding the classification and regulation of digital assets.

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Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.

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