Dogecoin, based mostly on an web meme, is receiving a mainstream enhance as Coinbase Derivatives plans to record futures of the meme coin on April 1. Alongside Dogecoin, the cryptocurrency alternate may also allow futures buying and selling with Litecoin and Bitcoin Money.
The choice got here after the alternate had intimated to the Commodity Futures Buying and selling Fee (CFTC) on March 7 in three separate letters its plans to launch cash-settled futures contract merchandise for Dogecoin, Litecoin, and Bitcoin Money.
Curiously, the alternate highlighted that it might record future contracts with out receiving approval from the CFTC by invoking “self-certification.”
“Coinbase Derivatives […] hereby submits for self-certification its preliminary itemizing of the Dogecoin Futures contract to be supplied for buying and selling on the Trade on or after April 1, 2024,” Coinbase Derivatives famous in its letter to the regulatory company.
Coinbase Derivatives LLC has filed for 3 new crypto futures, together with Dogecoin! #Dogecoin pic.twitter.com/gIu9VldGwM
— BIT BOX (@MeatBunsBeat) March 20, 2024
A Meme Token Turning into Mainstream
Not like Bitcoin or different prime cryptocurrencies, Dogecoin was launched as a joke. The meme token represents the face of a Shiba Inu canine, which was a well-liked web meme. Earlier, the meme token acquired a lift with an endorsement from billionaire Elon Musk.
Justifying its resolution to record Dogecoin futures, Coinbase Derivatives famous: “Dogecoin’s enduring recognition and the lively neighborhood help counsel that it has transcended its origins as a meme to grow to be a staple of the cryptocurrency world.”
The cryptocurrency traders reacted shortly to Coinbase Derivatives’ resolution to record the futures of the meme token. Following the announcement, the token’s worth jumped by about 20 p.c, surpassing $0.15 apiece.
Till now, solely Bitcoin and Ether have come beneath the purview of the CFTC as they’re categorized as commodities. Nevertheless, the Securities and Trade Fee (SEC) additionally acknowledges all cryptocurrencies steamed from Bitcoin as commodities with out naming any particularly. Now, the transfer by Coinbase Derivatives would possibly set off an attention-grabbing regulatory debate.
That is attention-grabbing… marvel if the SEC objects to those being categorized ‘commodities futures’ vs ‘securities futures’. These all forked from Bitcoin so “these are securities” claims can be exhausting to make after spot #Bitcoin ETF approvals. Could be why Coinbase selected them🤔 https://t.co/PRCxzQEYbi
— James Seyffart (@JSeyff) March 20, 2024
Earlier this 12 months, the SEC authorised itemizing 11 Bitcoin exchange-traded funds, labeling them as securities. Nevertheless, the regulator is now reluctant to approve the identical for Ether.
Dogecoin, based mostly on an web meme, is receiving a mainstream enhance as Coinbase Derivatives plans to record futures of the meme coin on April 1. Alongside Dogecoin, the cryptocurrency alternate may also allow futures buying and selling with Litecoin and Bitcoin Money.
The choice got here after the alternate had intimated to the Commodity Futures Buying and selling Fee (CFTC) on March 7 in three separate letters its plans to launch cash-settled futures contract merchandise for Dogecoin, Litecoin, and Bitcoin Money.
Curiously, the alternate highlighted that it might record future contracts with out receiving approval from the CFTC by invoking “self-certification.”
“Coinbase Derivatives […] hereby submits for self-certification its preliminary itemizing of the Dogecoin Futures contract to be supplied for buying and selling on the Trade on or after April 1, 2024,” Coinbase Derivatives famous in its letter to the regulatory company.
Coinbase Derivatives LLC has filed for 3 new crypto futures, together with Dogecoin! #Dogecoin pic.twitter.com/gIu9VldGwM
— BIT BOX (@MeatBunsBeat) March 20, 2024
A Meme Token Turning into Mainstream
Not like Bitcoin or different prime cryptocurrencies, Dogecoin was launched as a joke. The meme token represents the face of a Shiba Inu canine, which was a well-liked web meme. Earlier, the meme token acquired a lift with an endorsement from billionaire Elon Musk.
Justifying its resolution to record Dogecoin futures, Coinbase Derivatives famous: “Dogecoin’s enduring recognition and the lively neighborhood help counsel that it has transcended its origins as a meme to grow to be a staple of the cryptocurrency world.”
The cryptocurrency traders reacted shortly to Coinbase Derivatives’ resolution to record the futures of the meme token. Following the announcement, the token’s worth jumped by about 20 p.c, surpassing $0.15 apiece.
Till now, solely Bitcoin and Ether have come beneath the purview of the CFTC as they’re categorized as commodities. Nevertheless, the Securities and Trade Fee (SEC) additionally acknowledges all cryptocurrencies steamed from Bitcoin as commodities with out naming any particularly. Now, the transfer by Coinbase Derivatives would possibly set off an attention-grabbing regulatory debate.
That is attention-grabbing… marvel if the SEC objects to those being categorized ‘commodities futures’ vs ‘securities futures’. These all forked from Bitcoin so “these are securities” claims can be exhausting to make after spot #Bitcoin ETF approvals. Could be why Coinbase selected them🤔 https://t.co/PRCxzQEYbi
— James Seyffart (@JSeyff) March 20, 2024
Earlier this 12 months, the SEC authorised itemizing 11 Bitcoin exchange-traded funds, labeling them as securities. Nevertheless, the regulator is now reluctant to approve the identical for Ether.
