Coinbase CEO Brian Armstrong Credits SEC, CFTC Chiefs For Ending ‘Turf Wars’ Over Stock Perps

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Coinbase (COIN) CEO Brian Armstrong said on Friday that companies already in the market will not be able to prevent the launch of equity perpetual futures in the U.S. He also…

Coinbase (COIN) CEO Brian Armstrong said on Friday that companies already in the market will not be able to prevent the launch of equity perpetual futures in the U.S. He also hinted at the return of the exchange's Coinbase Pro platform.

Armstrong said those things in an X post outlining what he was going to talk about on CNBC before his time was cut short. Armstrong said that the company was trying for years to bring equity traders to the United States in a responsible and regulated way. Perpetual futures, or perps, are derivatives linked to the price of an asset that have no expiry date.

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He also thanked Securities and Exchange Commission (SEC) Chairman Paul Atkins and Commodity Futures Trading Commission (CFTC) Chairman Michael Selig. The two had "put historical agency turf wars aside to bring this popular product to Americans," he said.

Coinbase asked the CFTC to approve perps on individual U.S. stocks in September. Armstrong said the products already trade outside the U.S. In his words, "The only question is whether America will win or lose here, and we intend to help America win."

Armstrong's post arrives as Coinbase was battling for the product in court. The Capital Markets Alliance Association filed a lawsuit in federal court in New York against the CFTC to overturn its approval of single-stock perps.

Chicago Board Options Exchange (Cboe) and Citadel Securities are members of the trade association. The group argued that the contracts are security-based swaps. Under that interpretation, they would fall under the SEC rather than the CFTC.

U.S. District Judge Valerie Caproni denied the group's request for a temporary restraining order earlier this month. She said the group is likely to prevail on its central argument over which agency has jurisdiction.

Armstrong hinted at Coinbase Pro's comeback, saying "Stay Tuned." In June 2022, Coinbase…

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