Dogecoin, based mostly on an web meme, is receiving a mainstream enhance as Coinbase Derivatives plans to listing futures of the meme coin on April 1. Alongside Dogecoin, the cryptocurrency trade may also allow futures buying and selling with Litecoin and Bitcoin Money.
The choice got here after the trade 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 trade highlighted that it may listing 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 provided 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 obtained a lift with an endorsement from billionaire Elon Musk.
Justifying its choice to listing Dogecoin futures, Coinbase Derivatives famous: “Dogecoin’s enduring recognition and the lively group assist recommend that it has transcended its origins as a meme to change into a staple of the cryptocurrency world.”
The cryptocurrency buyers reacted shortly to Coinbase Derivatives’ choice to listing the futures of the meme token. Following the announcement, the token’s value jumped by about 20 p.c, surpassing $0.15 apiece.
Till now, solely Bitcoin and Ether have come below the purview of the CFTC as they’re labeled 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 labeled ‘commodities futures’ vs ‘securities futures’. These all forked from Bitcoin so “these are securities” claims can be laborious to make after spot #Bitcoin ETF approvals. Is perhaps why Coinbase selected them🤔 https://t.co/PRCxzQEYbi
— James Seyffart (@JSeyff) March 20, 2024
Earlier this 12 months, the SEC accepted 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 listing futures of the meme coin on April 1. Alongside Dogecoin, the cryptocurrency trade may also allow futures buying and selling with Litecoin and Bitcoin Money.
The choice got here after the trade 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 trade highlighted that it may listing 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 provided 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 obtained a lift with an endorsement from billionaire Elon Musk.
Justifying its choice to listing Dogecoin futures, Coinbase Derivatives famous: “Dogecoin’s enduring recognition and the lively group assist recommend that it has transcended its origins as a meme to change into a staple of the cryptocurrency world.”
The cryptocurrency buyers reacted shortly to Coinbase Derivatives’ choice to listing the futures of the meme token. Following the announcement, the token’s value jumped by about 20 p.c, surpassing $0.15 apiece.
Till now, solely Bitcoin and Ether have come below the purview of the CFTC as they’re labeled 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 labeled ‘commodities futures’ vs ‘securities futures’. These all forked from Bitcoin so “these are securities” claims can be laborious to make after spot #Bitcoin ETF approvals. Is perhaps why Coinbase selected them🤔 https://t.co/PRCxzQEYbi
— James Seyffart (@JSeyff) March 20, 2024
Earlier this 12 months, the SEC accepted itemizing 11 Bitcoin exchange-traded funds, labeling them as securities. Nevertheless, the regulator is now reluctant to approve the identical for Ether.
