Coinbase secures CFTC approval for derivatives clearinghouse

Coinbase has secured approval from the Commodity Futures Trading Commission (CFTC) to operate its own derivatives clearinghouse, Coinbase Clearing LLC. This development completes the company’s vertically integrated US trading stack, which now includes a futures commission merchant, a designated contract market, and a registered clearinghouse.

The new clearinghouse allows Coinbase to directly create and settle fully collateralized contracts, such as futures, options on futures, and swaps. The company intends to leverage USDC-based collateral and 24/7 settlement capabilities to provide advantages for always-on markets. While this completes its core US derivatives infrastructure, Coinbase noted that its planned stock perpetuals still require separate approval and will initially rely on external clearing services.

In a separate discussion regarding the regulatory landscape, Coinbase CEO Brian Armstrong suggested that traditional banks may eventually lobby for increased legislative clarity, such as “CLARITY 2.0,” to navigate legal constraints and enter the crypto custody market more effectively.