Coinbase targets stock futures but CFTC standstill blocks launch

Coinbase Derivatives has filed a proposed framework for perpetual futures tied to individual US stocks and exchange-traded funds, but the contracts remain subject to regulatory approval.The Securities and Exchange Commission notice, published Sept. 18, says Coinbase submitted the proposed rule change to the Commodity Futures Trading Commission and that the CFTC had not approved it. The CFTC product register still listed the Single Stock Perpetual Futures Contract as “Approval Pending” when checked Sept. 22.The filing therefore gives Coinbase a public rule proposal, not a product that traders can access. It describes how the exchange wants the contracts to work if the outstanding approval is secured.Price exposure without share ownershipThe proposal covers cash-settled futures on individual equity securities and ETF shares, including contracts with no fixed expiration date. A cash-settled contract resolves gains and losses through money payments instead of delivering the underlying stock or ETF shares.That structure would give traders exposure to changes in an underlying security’s reference price without making them shareholders. The contracts would not deliver shares or convey own...