Coinbase is adding futures contracts for Solana (SOL) and Hedera (HBAR) to its derivatives exchange. This increases Coinbase’s futures offerings to 19 digital assets and comes amid regulatory changes that could reshape the approval process for crypto exchange-traded funds (ETFs).
The announcement highlights the increasing role of regulated crypto derivatives in financial markets. These CFTC-approved futures contracts offer U.S. traders exposure to emerging blockchain platforms beyond Bitcoin and Ethereum, reflecting the growing diversification in crypto investment products.
Regulatory Changes and ETF Applications
The launch coincides with a surge in ETF applications for various cryptocurrencies, including Solana, XRP, and Dogecoin. Investment firms have intensified efforts to secure approvals under the Securities and Exchange Commission’s (SEC) shifting regulatory framework. The SEC has begun an initial 21-day review period for multiple applications, with a maximum extension of 240 days.
Historically, the SEC has tied ETF approvals to the presence of a regulated futures market. The availability of Solana futures could influence its decision-making process, following the precedent set by Bitcoin and Ethereum ETFs. Bitwise CIO Matt Hougan noted that commodity-based ETFs have consistently required established futures markets, a factor that may shape the outcome of current applications.
Shifts in SEC Oversight and Market Dynamics
Coinbase’s expansion comes at a critical moment in crypto regulation. The SEC’s lawsuit against Coinbase—alleging that Solana and other assets were unregistered securities—remains on hold pending higher court rulings. This regulatory uncertainty has led to increased coordination between the SEC and the Commodity Futures Trading Commission (CFTC), signaling potential changes in oversight.
Under the Trump administration, the SEC has introduced a dedicated crypto task force, led by Commissioner Hester Peirce. Known for her pro-crypto stance, Peirce has advocated for clearer regulatory frameworks to accommodate digital assets. Market analysts suggest that the agency may reconsider the necessity of regulated futures markets for ETF approvals, a shift that could streamline access to crypto investment vehicles.
