Coinbase files for SEC approval to offer equity perpetuals

Coinbase has filed registration documents with the U.S. Securities and Exchange Commission to offer equity perpetuals, the crypto exchange's chief policy officer said in a social media post on Thursday.Here are some details:Perpetuals, also called "perps" are derivative contracts that track underlying assets and do not expire, allowing traders to hold positions indefinitely without the need for a roll-over.The product will need a Commodity Futures Trading Commission approval next, Chief Policy Officer Faryar Shirzad said in a post on X."Equity perps have proven demand internationally, and we're excited at the prospect of a regulated pathway for U.S. investors," Shirzad said.The crypto exchange received CFTC approval alongside prediction markets platform Kalshi to offer perpetual crypto futures earlier this year.Kalshi filed for CFTC approval to launch equity index perpetuals, putting it in more direct competition with incumbent exchanges.The regulator's greenlight has weighed on the sentiment in exchange stocks in the first half of the year, which are recovering from a selloff in the first half.