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

Leading US crypto exchange Coinbase plans to launch futures trading products for Dogecoin (DOGE) next month, and says it has transcended its origins as a meme coin.

“Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world,” Coinbase said in a Mar. 7 letter to the US Commodity Futures Trading Commission (CFTC).

Coinbase Derivatives LLC quietly filed certifications with CFTC to list US regulated futures for Dogecoin, Litecoin and Bitcoin Cash.

They filed them on March 7 and surprisingly nobody seemed to notice.

Futures are set to start trading on April 1 if there are no objections from… pic.twitter.com/DYbWjuS6G2

— Summers (@SummersThings) March 20, 2024

Coinbase To List Dogecoin And Two Other Crypto-Based Futures

In two other letters sent on the same day, Coinbase Derivatives revealed its intentions to list similar cash-settled futures products for Litecoin (LTC) and Bitcoin Cash (BCH), along with DOGE, as soon as Apr. 1.

Coinbase Derivatives added that it will use the self-certification route under CFTC Regulation 40.2(a) to list the futures products, allowing the platform to open trading without needing to wait for direct approval from the CFTC. It will still need to ensure that the contracts adhere to the Commodity Exchange Act and CFTC regulations.

Using Dogecoin To Force The SEC’s Hand?

Analysts said Coinbase may be making a strategic move to try to force the hand of the US Securities and Exchange Commission (SEC). Bloomberg ETF analyst James Seyffart said in a Mar. 20 X post that the filings could prevent the SEC from classifying Proof of Work (PoW)-based cryptos as securities. 

This is interesting… wonder if the SEC objects to these being classified ‘commodities futures’ vs ‘securities futures’. These all forked from Bitcoin so “these are securities” claims would be hard to make after spot #Bitcoin ETF approvals. Might be why Coinbase chose them🤔 https://t.co/PRCxzQEYbi

— James Seyffart (@JSeyff) March 20, 2024

He focused on Coinbase’s wording in the documents, which referred to the products as “commodities futures” rather than securities futures.

DOGE, LTC and BCH are all forks of the original PoW Bitcoin network, which makes it difficult to call Coinbase’s futures products securities following the approval of spot Bitcoin ETF approvals, Seyffart added.

Dogecoin has surged more than 14% in the past 24 hours amid a broad meme coin rally, with news of Coinbase’s plan for DOGE futures contracts clearly being bullish news for the biggest meme coin by market capitalization at $21.7 billion.

It may also boost the Dogecoin20 presale. The Doge20 project is the first major upgrade of the DOGE brand and technology since its launch in 2013. Investors have flocked to buy Doge20, which has raised more than $4.5 million in a week.

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