TLDR
- Coinbase filed a notice of registration with the SEC to pursue regulated equity perpetual contracts for U.S. traders.
- The exchange would still need CFTC approval before launching the stock-linked perpetual products in the United States.
- Coinbase wants equity perpetuals classified as security futures, using existing SEC and CFTC rules rather than creating a new framework.
- The proposed products would allow traders to gain exposure to stock price moves without owning shares or dealing with contract expiration dates.
- The filing supports Coinbase’s broader “Everything Exchange” strategy as it expands beyond spot crypto into regulated derivatives and traditional market products.
Coinbase is seeking U.S. approval to list equity perpetual contracts as part of its push into regulated derivatives. The exchange has started a registration process with the Securities and Exchange Commission, according to Chief Policy Officer Faryar Shirzad. The plan would allow U.S. traders to access stock-linked perpetual products through a regulated venue if agencies approve the structure.
Coinbase Seeks Path for Equity Perpetuals
Shirzad said Coinbase filed a notice registration form with the SEC earlier this week. The company would need approval from the Commodity Futures Trading Commission before it could offer the products to U.S. customers.
Equity perpetuals are coming onshore. This week@coinbase took the first step to offer them in the U.S on our derivatives exchange by filing notice registration documents with the @SECgov.
Equity perps have proven demand internationally, and we’re excited at the prospect of a…
— Faryar Shirzad 🛡️ (@faryarshirzad) September 3, 2026
Equity perpetuals track stock prices without giving traders ownership of the shares. Unlike standard futures, these contracts do not expire. Coinbase already offers similar products outside the United States, including contracts linked to Apple, Microsoft, Nvidia and Amazon.
The CFTC has taken steps toward allowing more perpetual products in the United States. In May, its staff allowed bitcoin perpetual futures from KalshiEX and Coinbase to move forward. The agency later asked for feedback on crude oil perpetual contracts and round-the-clock trading.
Coinbase has submitted comments to both the CFTC and SEC on how equity perpetuals should be classified. Its proposal calls for treating the contracts as security futures under existing U.S. law. That approach could let registered derivatives exchanges use current rules instead of waiting for a new framework.
Security Futures Framework Takes Shape
Under Coinbase’s proposal, CFTC-registered contract markets could list equity perpetuals after completing notice registration with the SEC. National securities exchanges could follow the reverse process by registering with the CFTC. Both agencies would retain oversight of the products.
The filing responds to a joint request from the SEC and CFTC on how derivatives should be defined. Those definitions decide which regulator supervises a product and which exchanges can offer it in the United States.
The effort fits Coinbase’s plan to expand beyond spot crypto trading. The company has described that strategy as its “Everything Exchange” initiative, covering more financial products through one platform.
Coinbase Derivatives has introduced perpetual-style equity index futures in 2026. These include AI10 and Defense10 contracts, which track groups of companies tied to artificial intelligence and defense. The equity perpetual proposal would extend that product strategy to individual stocks for U.S. traders.
