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Coinbase Plans Dogecoin Futures, Says DOGE Has “Transcended” Its Meme Origins

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Coinbase, a leading U.S. cryptocurrency exchange, plans to launch a futures trading product for Dogecoin (DOGE) next month, saying it has moved beyond its origins as a meme coin.

“Dogecoin’s continued popularity and active community support suggest that it has transcended its origins as a meme and become a staple of the cryptocurrency world.” coinbase It said this in a March 7 letter to the U.S. Commodity Futures Trading Commission (CFTC).

Coinbase Lists Dogecoin and Two Other Crypto-Based Futures

In two letters sent on the same day, Coinbase Derivatives announced its intention to list similar cash-settled futures products for Litecoin (LTC) and Bitcoin Cash (BCH) with DOGE on April 1.

Coinbase Derivatives added that by listing futures products using the self-certification route under CFTC Rule 40.2(a), the platform can initiate trades without having to wait for direct approval from the CFTC. it still You must ensure that your contracts comply with the Commodity Exchange Act and CFTC regulations.

Will using Dogecoin force the SEC’s hand?

Analysts said Coinbase could be making a strategic move to force the United States’ hand. Securities and Exchange Commission (SEC). These filings could prevent the SEC from classifying proof-of-work (PoW)-based cryptocurrencies as securities, Bloomberg ETF analyst James Seyffart said in a March 20 post.

He focused on Coinbase’s language in the document, which refers to its products as “commodity futures” rather than securities futures.

DOGE, LTC, and BCH are all forks of the original PoW Bitcoin network, making it difficult to call Coinbase’s futures securities after a spot Bitcoin ETF is approved, Seyffart added.

Dogecoin has surged more than 14% in the past 24 hours amid a widespread meme coin rally, and news of Coinbase’s planned DOGE futures contract is clearly bullish news for the $21.7 billion meme coin, the largest meme coin by market capitalization.

also Dogecoin 20 Ticketing. The Doge20 project is the first major upgrade to the DOGE brand and technology since its launch in 2013. Investors flocked to buy Doge20, which raised more than $4.5 million in one week.

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