Coinbase Derivatives announced the launch of futures for cryptocurrencies DOGE, LTC, and BCH, scheduled for April 1st. Despite the date, traditionally associated with jokes, this event is drawing serious attention in the crypto community. In March, through three separate communications to the Commodity Futures Trading Commission (CFTC), the exchange expressed its intention to offer monthly settled futures contracts on the mentioned cryptocurrencies. In letters addressed to CFTC Secretary Christopher Kirkpatrick, details of the proposal were outlined, including contract sizes and settlement methods.

Coinbase utilizes a self-certification procedure under CFTC Regulation 40.2(a), allowing the exchange to introduce new products without direct CFTC approval, provided the product complies with CFTC laws and regulations. This move sparks interest, considering that all three cryptocurrencies are derivatives of Bitcoin, which the SEC considers a commodity. This raises questions about the regulatory classification of these cryptocurrencies and potential objections from the SEC regarding their designation as "commodity futures" as opposed to "securities futures." Bloomberg Intelligence ETF analyst James Seyffart noted that asserting these cryptocurrencies as securities could be a challenging task, especially after the approval of a Bitcoin spot ETF. Coinbase's choice may be seen as a strategic move.