DOGE Futures Coming to Coinbase, Reflecting Coin’s Departure from Meme Origins

Crypto News- In a bold move that raises eyebrows across the crypto sphere, Coinbase asserts that Dogecoin’s allure has evolved far beyond its meme origins. The exchange giant now gears up to introduce futures trading for DOGE, alongside Litecoin and Bitcoin Cash.

DOGE Futures Coming to Coinbase, Reflecting Coin’s Departure from Meme Origins

In letters to the CFTC, Coinbase Derivatives outlines its intention to introduce cash-settled futures contracts for Dogecoin, Litecoin, and Bitcoin Cash by April 1. Remarkably, Coinbase hints at listing these contracts prior to formal approval, citing self-certification procedures aligned with regulatory guidelines.

“Dogecoin’s ongoing appeal and robust community backing indicate a significant shift from its meme roots to a fundamental crypto asset,” states Coinbase, justifying its move. The current surge in Dogecoin prices, up 17% and trading at $0.15, underscores its enduring popularity.

Unveiling Coinbase’s Strategic Chess Move: Challenging SEC’s Crypto Asset Classification

While industry observers express surprise, analysts speculate on Coinbase’s strategic motives. Bloomberg’s ETF analyst James Seyffart suggests Coinbase’s maneuver may challenge the SEC’s classification of crypto assets, particularly those sharing Bitcoin’s proof-of-work consensus mechanism, as securities.

This initiative follows Coinbase’s 2022 acquisition of the CFTC-regulated FairX derivatives exchange, aiming to democratize derivatives trading for its vast retail customer base.

“We’re committed to demystifying the derivatives market for our millions of retail users,” Coinbase asserted at the time.