Coinbase to Launch Futures Trading for Dogecoin, Litecoin, and Bitcoin Cash on April 1st, Reports Benzinga
Launch of Dogecoin, Litecoin, and Bitcoin Cash Futures by Coinbase Scheduled for April 1st
Benzinga – The spin-off of Bitcoin, Litecoin (CRYPTO: LTC), experienced a 6.78% increase, reaching $86.03 on Wednesday when this report was compiled. Concurrently, it was reported that Coinbase Global submitted a filing with the Commodity Futures Trading Commission for initiating futures trading in this cryptocurrency.
Event Details: The crypto exchange platform is also preparing to launch futures contracts for Dogecoin (CRYPTO: DOGE) and Bitcoin Cash (BCH) that will be settled in cash on a monthly basis.
BREAKING: @Coinbase aims to launch futures trading for Litecoin with a recent CFTC filing! https://t.co/wUccfVCRHC
— Litecoin (@litecoin) March 21, 2024
An ETF research analyst from Bloomberg Intelligence, James Seyffart, made a statement on X hinting at the interesting regulatory considerations that arise from Coinbase’s recent submissions related to the trio of cryptocurrencies originally derived from Bitcoin. He remarked, “Possibly a strategic choice by Coinbase.” In addition, he revealed information about the filings that were made discreetly with the CFTC.
Seyffart further commented, “Given their origins from Bitcoin, arguments that ‘they are securities’ would be challenging, especially after approvals for spot #Bitcoin ETFs.”
Fascinating move… curious if SEC will challenge the classification of these as ‘commodities futures’ rather than ‘securities futures’. Originating from Bitcoin, the “these are securities” argument seems less tenable post-spot #Bitcoin ETF approvals. Strategy behind Coinbase’s decision?
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