Coinbase has filed a notice of registration with the U.S. Securities and Exchange Commission (SEC) as it seeks to offer regulated equity perpetual contracts to American traders, according to Chief Policy Officer Faryar Shirzad. The move marks the first step in a process that would still require approval from the Commodity Futures Trading Commission (CFTC) before stock-linked perpetual products could launch on a regulated venue in the United States.

First Step Toward Onshore Equity Perpetuals

Shirzad announced the filing on X (formerly Twitter):

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 (X post)

Equity perpetuals are derivative contracts that track stock prices without granting traders ownership of the underlying shares. Unlike standard futures contracts, they have no expiration date. The structure originated in the cryptocurrency sector, where perpetual swaps — typically kept aligned with spot prices through periodic funding payments between long and short positions — became one of the most heavily traded crypto derivatives globally. That offshore demand is what Coinbase now aims to bring under U.S. regulatory oversight. Coinbase already offers similar products outside the United States, including contracts linked to Apple, Microsoft, Nvidia, and Amazon.

The CFTC has recently taken steps toward permitting more perpetual products domestically. In May, the agency's staff allowed bitcoin perpetual futures from KalshiEX and Coinbase to move forward. The CFTC later requested public feedback on crude oil perpetual contracts and round-the-clock trading. That consultation signals broader regulatory interest in the product structure itself, not just crypto-linked variants, which is relevant context for how equity perpetuals may be evaluated.

Coinbase has also 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, an approach that could allow registered derivatives exchanges to operate under current rules rather than waiting for an entirely new regulatory 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 path 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 — definitions that determine which regulator supervises a given product and which exchanges may offer it in the United States. The outcome of that definitional exercise could shape how other platforms structure derivative products, since the SEC–CFTC jurisdictional boundary has long determined where futures and securities products can be listed.

The effort aligns with Coinbase's plan to expand beyond spot crypto trading, a strategy the company has described as its "Everything Exchange" initiative, aimed at covering more financial products through a single platform.

Coinbase Derivatives has already introduced perpetual-style equity index futures in 2026, including AI10 and Defense10 contracts that 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, allowing them to gain exposure to stock price movements without owning shares or managing contract expiration dates — if regulators sign off. Watch for the CFTC's response to the pending classification comments and the outcome of its perpetuals consultation as the next indicators of whether, and on what terms, these products reach U.S. venues.

Source: CoinCentral