Coinbase becomes the first crypto firm to control exchange, brokerage, and clearing

Coinbase can now clear its own U.S. crypto derivatives after the CFTC registered Coinbase Clearing LLC as a derivatives clearing organization. The approval covers fully collateralized futures, options on futures, and swaps, using USDC as collateral with settlement available 24/7.

That gives Coinbase control of the exchange, brokerage, and clearing layers in one stack. It is the first crypto firm to hold all three core CFTC registrations, but the approval does not cover margined or leveraged clearing.