Analysts: Coinbase's Derivatives Approval Shows Crypto's Resilience in the US Analysts at investment bank
JMP Securities have said that an approval received by Coinbase to offer crypto futures trading
can be taken as evidence of crypto’s resilience in the US.
In a note to clients that was cited
by The Block, the analysts said the approval
"adds validation" to the domestic crypto sector in the US, and is a step on the way in countering a narrative
that the American crypto industry is being pushed offshore.
The JMP Securities analysts, led by Devin Ryan, also said the approval strengthens
Coinbase’s position in its ongoing legal battle with the Securities and Exchange Commission
(SEC).
“This development also appears
to provide another good example of the regulatory moat that we believe Coinbase is forming, which we think will become even more apparent
as the industry eventually moves to the other side of the uncertainty of the moment — which is our expectation,”
The Block cited the note as saying.
On Wednesday this week,
Coinbase received approval from the National Futures Association to operate a marketplace for futures contracts in the US.
