Coinbase files for SEC approval to offer equity perpetuals

Sept 3 (Reuters) - Coinbase ‌has filed ​registration ​documents with the U.S. Securities and Exchange Commission to offer equity ‌perpetuals, the crypto exchange's chief policy officer ⁠said in a social media post on Thursday.

Here ‌are some details:

• Perpetuals, ‌also called "perps" are derivative contracts that track underlying assets and do not expire, allowing ​traders to hold positions indefinitely without the need for a roll-over.

• The ⁠product will need a Commodity Futures Trading Commission approval next, ​Chief Policy Officer Faryar Shirzad said in a post on X.

• "Equity perps have ​proven demand internationally, and ‌we're excited at the prospect of a regulated pathway for U.S. ⁠investors," Shirzad said.

• The crypto exchange received CFTC approval alongside prediction markets platform Kalshi to ⁠offer perpetual crypto futures earlier this year.

• Kalshi filed ​for CFTC approval to launch equity index perpetuals, putting it in more direct competition with incumbent exchanges.

• ‌The regulator's greenlight has weighed on the sentiment in exchange stocks ‌in the first half of the year, ⁠which are recovering ‌from a selloff ​in the first half.

(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shailesh ‌Kuber)

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