The Commodity Futures Trading Commission's Market Participants Division issued an interpretation and a no-action position in response to Coinbase Financial Markets Inc.'s plan to offer certain digital commodity derivatives listed on its affiliated foreign board of trade, Deribit FZE. The staff letter confirms that the perpetual contracts described may be categorized as foreign futures under Commission Regulation 30.1. It also states that, subject to specified conditions, staff will not recommend enforcement action if Coinbase Financial Markets, as a registered futures commission merchant, posts customer-owned digital commodities and payment stablecoins with its foreign broker affiliate as margin for foreign futures and foreign options positions on that affiliate foreign board of trade. The interpretation aligns with the Commission's order approving the KalshiEX LLC BTCPERP futures contract. The no-action relief covers arrangements in which the foreign broker has obtained a right of re-use over the customer-owned assets transferred as margin.
Commodity Futures Trading Commission2026-05-29
United States Commodity Futures Trading Commission staff confirms certain crypto perpetuals as foreign futures and grants no action relief for customer crypto margin transfers
The CFTC’s Market Participants Division issued an interpretation and no-action position on Coinbase Financial Markets Inc.’s plan to offer certain digital commodity derivatives listed on affiliated foreign board of trade Deribit FZE, confirming the described perpetual contracts may be treated as foreign futures under Commission Regulation 30.1. Subject to conditions, staff will not recommend enforcement action if Coinbase Financial Markets, as a registered futures commission merchant, posts customer-owned digital commodities and payment stablecoins as margin with its foreign broker affiliate for foreign futures and options positions.