CFTC Approves Coinbase as a Derivatives Clearing Organization

The Commodity Futures Trading Commission has given its approval to Coinbase's application as a derivatives clearing organization. Although this approval does not include certification of any specific markets, especially prediction markets, it does expand Coinbase's ability to clear futures and swaps.

It's a timely approval as Coinbase is expanding 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 Sept. 28, 2026. The approval applies to "fully collateralized futures, options on futures, and swaps."

The notice from the CFTC does not mention any details of exact assets those derivatives may be based upon or categories of swaps that Coinbase will clear with 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 that it plans to offer users the chance to "open" digital packs of trading cards, with the physical card backing up each "pull." The announcement includes few details except for that the initial card packs will consist of Pokémon cards.

With its DCO status now intact, Coinbase can move forward with this service with greater confidence. The same goes for its derivatives based on several types of futures.

Existing information on Coinbase's site mentions equity futures, perpetual futures, and traditional futures. A collaboration with Nodal Clear may provide derivatives based on cryptocurrencies as well.

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 the assets for derivatives, though.

Coinbase has also already shared plans for equity index futures that will go beyond single-asset products. Crypto assets included in publications have included 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 aquisition of The Clearing Company in December 2025. With existing infrastructure and relationships, Coinbase now has the framework it needs to build on its perpetual futures (perps) with DCO status as well. Perps at Coinbase incorporate hourly funding rates to manage incongruities between futures prices and spot prices.

Its DCO status gives Coinbase the ability to expand those offerings to all and any assets that CFTC regulations permit and the market shows demand for. 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.