Coinbase Gambit：DOGE、LTC 和 BCH 期货引发监管问题

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

DOGE、LTC 和 BCH 的期货：Coinbase 的策略

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

SEC 会对 Coinbase 的新合约大喊大叫吗？

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 将于 2024 年 4 月 1 日推出狗狗币 (DOGE)、莱特币 (LTC) 和比特币现金 (BCH) 的期货交易。此举引起了人们的关注，特别是在将这些资产归类为商品或证券方面。

Coinbase's Self-Certification Approach

Coinbase 的自我认证方法

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 将根据 CFTC 条例 40.2(a) 规定的自我认证方法推出期货合约。这使得实体无需获得 CFTC 的直接批准即可推出新产品，前提是它们遵守《商品交易法》和相关法规。

Settlement Methods and Contract Details

结算方式及合同细则

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.

这些合约将以现金结算并以保证金为基础，使用 MarketVector 的基准利率。 Coinbase 在给 CFTC 的信中概述了合约的具体规模和结构。

Dogecoin's Transformation

狗狗币的转变

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.

狗狗币最初是作为一个笑话而创建的，现已成为加密货币市场的主要参与者。 Coinbase 承认其巨大的市值和持久的受欢迎程度，这表明它从模因币转变为受人尊敬的资产。

Commodities vs. Securities Futures

商品与证券期货

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.

彭博社分析师 James Seyffart 质疑 SEC 是否会质疑这些合约被归类为商品期货而非证券期货。鉴于 SEC 之前将比特币归类为商品，Seyffart 认为很难说 DOGE、LTC 和 BCH 是证券。

SEC's Role in Crypto Regulation

SEC 在加密货币监管中的作用

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 对 SEC 在监管事务上缺乏与该行业的接触表示失望，并表示这导致了 Coinbase 等举措。他还承认，缺乏明确的规则使他作为分析师的工作更具挑战性。

Coinbase's Calculated Choice

Coinbase 的计算选择

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 推测 Coinbase 之所以选择 DOGE、LTC 和 BCH 可能是因为它们有可能逃避 SEC 作为商品的审查。他强调，美国证券交易委员会对加密货币监管的立场仍不清楚，这给行业参与者带来了不确定性。

Conclusion

结论

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 期货合约是加密货币市场的重大发展。将这些资产分类为商品或证券仍然是一个关键问题，美国证券交易委员会的立场可能对该行业的未来产生重大影响。