Coinbase filed an application with the U.S. Securities and Exchange Commission on Wednesday seeking permission to list equity perpetual contracts that would trade 24 hours a day, seven days a week. The submission, confirmed by The Block, marks the largest U.S. crypto exchange's formal entry into traditional equity derivatives. The filing requests registration of perpetual futures tied to individual U.S. stocks rather than digital assets. Perpetual contracts, futures with no expiration date, have become the dominant instrument in crypto markets, where they settle in stablecoins and track spot prices through funding rates. Coinbase's proposal would extend that structure to equities, allowing continuous trading outside standard exchange hours. Current market structure limits equity derivatives to exchange operating hours, typically 9:30 a.m. to 4:00 p.m. Eastern with limited after-hours sessions. A 24/7 perpetual would let investors hedge or speculate on earnings releases, macroeconomic data, and geopolitical events as they happen globally. The SEC has not previously approved such a product for U.S. equities.
Metric Value Context Total Crypto Market Cap $2.75T Global aggregate 24h Trading Volume $100.1B Cross-exchange 24h Cap Change +2.17% Positive momentum BTC Dominance 59.4% Concentrated leadership ETH Dominance 11.1% Second-largest share The SEC review process begins with a public comment period, typically 21 to 45 days after publication in the Federal Register. Interested parties, including traditional exchanges, market makers, and investor groups, can submit feedback on market structure, manipulation risks, and investor protection. The commission may then schedule hearings or request additional data before issuing an order. Market observers note the filing arrives as crypto-native venues increasingly pursue traditional finance licenses. Coinbase already operates a registered broker-dealer and alternative trading system. Approval would position the firm to capture equity derivatives volume currently handled by CME Group and Intercontinental Exchange, both of which have explored extended-hours products but not continuous perpetuals. The next procedural milestone is Federal Register publication, which starts the comment-period clock.
SEC가 최종 결정을 내려야 하는 법정 기한은 없습니다. 과거 새로운 유형의 상품 승인의 경우, 신청서 제출부터 최종 승인까지 6개월에서 18개월이 소요되었습니다.