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lunes, abril 15, 2024

Coinbase’s Plan to Listing DOGE Futures Pumps the Memecoin


Dogecoin, based mostly on an web meme, is receiving a mainstream increase as Coinbase Derivatives plan to record futures of the meme coin on April 1. Alongside Dogecoin, the cryptocurrency trade will allow futures buying and selling with Litecoin and Bitcoin Money.

The choice got here after the trade had intimated to the Commodity Futures Buying and selling Fee (CFTC) on March 7 in three separate letters its plans to launch cash-settled futures contract merchandise for Dogecoin, Litecoin, and Bitcoin Money.

Curiously, the trade highlighted that it might record future contracts with out receiving approval from the CFTC by invoking “self-certification.”

“Coinbase Derivatives […] hereby submits for self-certification its preliminary itemizing of the Dogecoin Futures contract to be supplied for buying and selling on the Trade on or after April 1, 2024,” Coinbase Derivatives famous in its letter to the regulatory company.

A Meme Token Changing into Mainstream

Not like Bitcoin or different prime cryptocurrencies, Dogecoin was launched as a joke. The meme token represents the face of a Shiba Inu canine, which was a well-liked web meme. Earlier, the meme token acquired a lift with an endorsement from billionaire Elon Musk.

Justifying its determination to record Dogecoin futures, Coinbase Derivatives famous: “Dogecoin’s enduring reputation and the lively neighborhood help counsel that it has transcended its origins as a meme to develop into a staple of the cryptocurrency world.”

The cryptocurrency buyers reacted shortly to Coinbase Derivatives’ determination to record the futures of the meme token. Following the announcement, the token’s worth jumped about 20 p.c, surpassing $0.15 apiece.

Till now, solely Bitcoin and Ether have come beneath the purview of the CFTC as they’re categorised as commodities. Nevertheless, the Securities and Trade Fee (SEC) acknowledges all cryptocurrencies developed from Bitcoin as commodities with out naming any particularly. Now, the transfer by Coinbase Derivatives would possibly set off an attention-grabbing regulatory debate.

Earlier this yr, the SEC accredited itemizing 11 Bitcoin exchange-traded funds, labeling them as securities. Nevertheless, the regulator is now reluctant to approve the identical for Ether.

Dogecoin, based mostly on an web meme, is receiving a mainstream increase as Coinbase Derivatives plan to record futures of the meme coin on April 1. Alongside Dogecoin, the cryptocurrency trade will allow futures buying and selling with Litecoin and Bitcoin Money.

The choice got here after the trade had intimated to the Commodity Futures Buying and selling Fee (CFTC) on March 7 in three separate letters its plans to launch cash-settled futures contract merchandise for Dogecoin, Litecoin, and Bitcoin Money.

Curiously, the trade highlighted that it might record future contracts with out receiving approval from the CFTC by invoking “self-certification.”

“Coinbase Derivatives […] hereby submits for self-certification its preliminary itemizing of the Dogecoin Futures contract to be supplied for buying and selling on the Trade on or after April 1, 2024,” Coinbase Derivatives famous in its letter to the regulatory company.

A Meme Token Changing into Mainstream

Not like Bitcoin or different prime cryptocurrencies, Dogecoin was launched as a joke. The meme token represents the face of a Shiba Inu canine, which was a well-liked web meme. Earlier, the meme token acquired a lift with an endorsement from billionaire Elon Musk.

Justifying its determination to record Dogecoin futures, Coinbase Derivatives famous: “Dogecoin’s enduring reputation and the lively neighborhood help counsel that it has transcended its origins as a meme to develop into a staple of the cryptocurrency world.”

The cryptocurrency buyers reacted shortly to Coinbase Derivatives’ determination to record the futures of the meme token. Following the announcement, the token’s worth jumped about 20 p.c, surpassing $0.15 apiece.

Till now, solely Bitcoin and Ether have come beneath the purview of the CFTC as they’re categorised as commodities. Nevertheless, the Securities and Trade Fee (SEC) acknowledges all cryptocurrencies developed from Bitcoin as commodities with out naming any particularly. Now, the transfer by Coinbase Derivatives would possibly set off an attention-grabbing regulatory debate.

Earlier this yr, the SEC accredited itemizing 11 Bitcoin exchange-traded funds, labeling them as securities. Nevertheless, the regulator is now reluctant to approve the identical for Ether.



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