Coinbase Gambit：DOGE、LTC 和 BCH 期貨引發監管問題

Futures for DOGE, LTC, and BCH: A Coinbase Gambit

DOGE、LTC 和 BCH 的期貨：Coinbase 的策略

Will the SEC Cry Foul on Coinbase's New Contracts?

SEC 會對 Coinbase 的新合約大喊大叫嗎？

Coinbase Derivatives is set to introduce futures trading for Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH) by April 1, 2024. This move has raised eyebrows, particularly with regard to the classification of these assets as commodities or securities.

Coinbase Derivatives 將於2024 年4 月1 日推出狗狗幣(DOGE)、萊特幣(LTC) 和比特幣現金(BCH) 的期貨交易。此舉引起了人們的關注，特別是在將這些資產歸類為商品或證券方面。

Coinbase's Self-Certification Approach

Coinbase 的自我認證方法

Coinbase will launch the futures contracts under the self-certification approach outlined in CFTC Regulation 40.2(a). This allows entities to introduce new products without direct CFTC approval, provided they comply with the Commodity Exchange Act and related regulations.

Coinbase 將根據 CFTC 條例 40.2(a) 規定的自我認證方法推出期貨合約。這使得實體無需獲得 CFTC 的直接批准即可推出新產品，前提是它們遵守《商品交易法》和相關法規。

Settlement Methods and Contract Details

結算方式及合約細則

The contracts will be cash-settled and margin-based, using a benchmark rate from MarketVector. Coinbase has outlined the specific sizes and structures of the contracts in its letters to the CFTC.

這些合約將以現金結算並以保證金為基礎，使用 MarketVector 的基準利率。 Coinbase 在給 CFTC 的信中概述了合約的具體規模和結構。

Dogecoin's Transformation

狗狗幣的轉變

Dogecoin, initially created as a joke, has emerged as a major player in the cryptocurrency market. Coinbase acknowledges its substantial market capitalization and enduring popularity, indicating its transition from a meme coin to a respected asset.

狗狗幣最初是作為一個笑話而創建的，現在已成為加密貨幣市場的主要參與者。 Coinbase 承認其龐大的市值和持久的受歡迎程度，這表明它從模因幣轉變為受人尊敬的資產。

Commodities vs. Securities Futures

商品與證券期貨

Bloomberg analyst James Seyffart questions whether the SEC will challenge the classification of these contracts as commodities futures rather than securities futures. Given the SEC's prior classification of Bitcoin as a commodity, Seyffart believes it may be difficult to argue that DOGE, LTC, and BCH are securities.

彭博分析師 James Seyffart 質疑 SEC 是否會質疑這些合約被歸類為商品期貨而非證券期貨。鑑於 SEC 先前將比特幣歸類為商品，Seyffart 認為很難說 DOGE、LTC 和 BCH 是證券。

SEC's Role in Crypto Regulation

SEC 在加密貨幣監管中的作用

Seyffart expresses frustration with the SEC's lack of engagement with the industry on regulatory matters, suggesting that it has led to moves like Coinbase's. He also acknowledges that the absence of clear rules makes his job as an analyst more challenging.

Seyffart 對 SEC 在監管事務上缺乏與該行業的接觸表示失望，並表示這導致了 Coinbase 等舉措。他也承認，缺乏明確的規則使他作為分析師的工作更具挑戰性。

Coinbase's Calculated Choice

Coinbase 的計算選擇

Seyffart speculates that Coinbase may have chosen DOGE, LTC, and BCH due to their potential to avoid SEC scrutiny as commodities. He emphasizes that the SEC's stance on crypto regulation remains unclear, creating uncertainty for industry participants.

Seyffart 推測 Coinbase 之所以選擇 DOGE、LTC 和 BCH 可能是因為它們有可能逃避 SEC 作為商品的審查。他強調，美國證券交易委員會對加密貨幣監管的立場仍不清楚，這給產業參與者帶來了不確定性。

Conclusion

結論

Coinbase's launch of futures contracts for DOGE, LTC, and BCH is a significant development in the cryptocurrency market. The classification of these assets as commodities or securities remains a key question, with the SEC's position likely to have a major impact on the industry's future.

Coinbase 推出 DOGE、LTC 和 BCH 期貨合約是加密貨幣市場的重大發展。將這些資產分類為商品或證券仍然是一個關鍵問題，美國證券交易委員會的立場可能對該行業的未來產生重大影響。