Coinbase submitted a comment letter to the CFTC (U.S. derivatives regulator) and SEC (U.S. securities regulator) on August 24-25, proposing that equity perpetuals be classified as security futures under the Commodity Exchange Act. The framework would allow CFTC-registered designated contract markets, including Coinbase Derivatives, to offer the products through notice registration with the SEC, while national securities exchanges could register with the CFTC. The proposal forms part of Coinbase’s Everything Exchange strategy to expand beyond spot crypto trading. Coinbase Derivatives launched perpetual-style equity index futures earlier in 2026, including AI10 and Defense10 products. Coinbase argued that the lack of clarity over whether equity perpetuals are swaps, security-based swaps or futures has pushed activity offshore, reduced domestic liquidity and constrained innovation.