Coinbase CFTC Filing

Coinbase Derivatives has filed a new crypto market maker program with the Commodity Futures Trading Commission, setting up a May 1, 2026 start for incentives tied to its listed futures. (cftc.gov) The filing modifies Coinbase Derivatives’ existing crypto market maker program, a rebate-style arrangement meant to keep buy and sell orders posted in its central order book. Coinbase’s filings page lists a 2025-18 submission for those modifications, alongside separate XRP and nano XRP product filings. (coinbase.com) XRP is part of the setup because Coinbase already self-certified two U.S. regulated XRP futures contracts in April 2025: a standard contract sized at 10,000 XRP and a nano contract sized at 500 XRP. Both are cash-settled in U.S. dollars and reference the MarketVector Coinbase XRP benchmark. (cftc.gov) A futures contract is a bet on an asset’s price at a later date, traded on margin instead of by buying the token itself. A market maker is the firm that keeps posting bids and offers so other traders can get in and out without large price gaps. (coinbase.com) That plumbing matters on crypto venues because thin order books can make small trades move prices sharply, especially in newer contracts. Coinbase has spent the past year broadening its U.S. futures lineup beyond bitcoin and ether to include products tied to Solana, XRP and other tokens. (coinbase.com) Coinbase Derivatives is a designated contract market registered with the CFTC, which means it can list futures through self-certification if the products comply with federal rules. The exchange’s XRP filing says trading would clear through Nodal Clear and use exchange surveillance and rulebook controls. (coinbase.com; cftc.gov) Coinbase has also been pushing longer trading hours for the same business. On May 9, 2025, it said it became the first CFTC-regulated derivatives exchange to offer 24/7 trading for margined futures contracts. (coinbase.com) If the May 1 program takes effect as planned, the immediate test will be whether tighter spreads and steadier quoting show up in Coinbase’s crypto futures book, including the newer XRP contracts. (coinbase.com)