Coinbase Global said Wednesday that it has won approval to offer cryptocurrency futures to retail clients in the United States, scoring a major regulatory victory at a time when the cryptocurrencies fight against a lawsuit Securities and Exchange Commission (SEC).
The company’s shares rose 5.5%, at US$83.52, in operations prior to the opening of the markets. The approval was granted by the National Futures Association (NFA), a self-regulatory organization designated by the Commodity Futures Trading Commission (CFTC).
“This is a critical milestone that reaffirms our commitment to operating a regulated and compliant business,” Coinbase said.
The company has been an outspoken critic of the SEC, which in a June lawsuit accused Coinbase of operating illegally for failing to register as an exchange.
Its chief executive, Brian Armstrong, has also said that more U.S. cryptocurrency companies could move abroad due to a hostile regulatory environment and that SEC Chairman Gary Gensler’s approach to prioritizing law enforcement could stifle innovation in the sector.
The NFA approval, which came nearly two years after Coinbase filed its application, could allow the firm to expand into a largely untapped market.
Source: Reuters
Source: Gestion
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