Coinbase just completed its US derivatives stack but its biggest bet still sits outside it

Coinbase, the largest US-based crypto exchange, has secured Commodity Futures Trading Commission (CFTC) approval for its own derivatives clearinghouse, completing a vertically integrated US trading stack.On Sept. 28, the CFTC registered Coinbase Clearing LLC as a derivatives clearing organization, authorizing it to clear fully collateralized futures, options on futures, and swaps. The approval gives Coinbase control over a function that has previously depended on outside clearing partners.Coinbase now operates across the three main layers of the regulated US derivatives market: Coinbase Financial Markets as a futures commission merchant, Coinbase Derivatives as a designated contract market and Coinbase Clearing as a registered clearinghouse. The company said the structure gives it end-to-end infrastructure for bringing regulated products to market.The immediate scope is narrower than the full derivatives business Coinbase is building. The new clearinghouse can directly create and settle fully collateralized contracts, with Coinbase pitching USDC collateral and 24-hour settlement as advantages for products designed around always-on markets.Owning that infrastructure could shorten pr...