Coinbase Submits Perpetual Derivative Definition Response to CFTC and SEC

Coinbase's push for clarity on perpetuals is notable because these products sit at the center of offshore crypto trading yet remain in a regulatory gray zone domestically. How the agencies respond could shape whether compliant venues can offer them at all, affecting both platforms and the traders who currently rely on offshore access. Whether this filing translates into formal rulemaking or guidance—rather than remaining a comment in the record—is the open question.