Crypto exchange powerhouse Coinbase has just got the green light from the US National Futures Association (NFA) to offer futures for Bitcoin and Ethereum. This authorization comes as a historic first for the country, marking major progress in crypto market accessibility.
Previously, US citizens were sidelined from crypto futures trading, but this new move could usher in wider participation in the market. Describing the decision as a “watershed moment” for the burgeoning industry, Coinbase was overjoyed with the authorization stating it allows eligible US customers seamless access to regulated derivatives products in addition to the spot market.
Paul Grewal, Coinbase’s Chief Legal Officer, emphasized how this significant decision was a long time coming and reflects Coinbase’s commitment to customer safety, the fostering of innovation, market order, and the protection of consumers and investors.
However, the joyous news is shadowed by an ongoing legal dispute Coinbase faces with the US Securities and Exchange Commission (SEC), who has not held back in its aggression towards the crypto sector. Other key players in the industry such as Binance and Kraken have too faced this ‘regulation by enforcement’. Coinbase, along with others, had even contemplated pulling out of the US market.
Despite this, approval from the NFA could act as a stepping stone in transforming perceptions of the US as a potential hindrance to the adoption and growth of cryptocurrencies and blockchain technology.