CFTC Approves Coinbase as a Derivatives Clearing Organization

The Commodity Futures Trading Commission approved Coinbase's application this week to become a derivatives clearing organization.

Although this approval does not certify any specific markets, especially prediction markets, it expands Coinbase's ability to clear futures and swaps.

The approval is timely as Coinbase expands its operations in other ways, including tokenizing trading cards. As government agencies draft regulations for new assets, Coinbase is positioned to clear more derivatives without third-party intervention.

CFTC clears Coinbase to clear derivatives

The Commodity Futures Trading Commission (CFTC) posted its response to Coinbase's application for derivatives clearing organization (DCO) status on Monday. The approval applies to "fully collateralized futures, options on futures, and swaps."

The CFTC notice does not specify the exact assets those derivatives may be based on or the categories of swaps Coinbase will clear under this authorization. Coinbase currently offers prediction market trading as a distribution partner for Kalshi.

The DCO approval leads into a different expansion that Coinbase has publicized. Some details are still uncertain, but this certification points to an imminent launch.

Coinbase DCO approval reinforces offering of tokenized trading cards

Coinbase has already announced plans to let users "open" digital packs of trading cards, with a physical card backing each "pull." The announcement includes few details except that the initial card packs will consist of Pokémon cards.

With its DCO status now intact, Coinbase can move forward with this service more confidently. The same goes for its derivatives, which include several types of futures.

Coinbase's site mentions equity futures, perpetual futures, and traditional futures. A collaboration with Nodal Clear may also provide cryptocurrency-based derivatives.

Nodal Clear could bring USDC-based futures to Coinbase

Coinbase and Nodal Clear announced their partnership in June 2025, but Coinbase's approval as a DCO is what is likely to bring the deal to fruition. The goal of the collaboration is to bring futures that use USDC as collateral to market.

These derivatives will treat USDC as a true cash equivalent stablecoin. It's just one component of Coinbase's planned offerings using cryptocurrencies as derivative assets, though.

Coinbase has also already shared plans for equity index futures that will go beyond single-asset products. Crypto assets mentioned in publications include Bitcoin and Ether.

Traditional futures for Coinbase's clearance will likely include gold, silver, and select stocks as the basis. Those assets, including select cryptocurrencies, may also serve as the target for perpetual futures.

Coinbase could take leading position on perps

Coinbase's infrastructure push also included its December 2025 acquisition of The Clearing Company. With existing infrastructure and relationships, Coinbase now has the framework it needs to build on its perpetual futures (perps) with DCO status as well. Coinbase perps incorporate hourly funding rates to manage discrepancies between futures and spot prices.

Its DCO status lets Coinbase expand those offerings to any assets CFTC regulations permit and the market demands. If those offerings are robust and Coinbase's fees are competitive, it could show an advantage over other sites that contract with third parties for clearance.