Coinbase (COIN) Stock Rises 4% as CFTC Greenlights Crypto Perps Trading

TLDR

• COIN stock closed at $189 on May 29, up 3.72% after the CFTC approved Coinbase to offer offshore crypto perpetual futures to US customers.
• Coinbase will work with Deribit — which it acquired for $2.9 billion — to deliver crypto perps, making it the first US exchange with this clearance.
• The approval covers “digital commodity” perps including Bitcoin, Ethereum, Solana, Dogecoin, and others, though Coinbase has not yet confirmed which assets it will offer.
• JPMorgan CEO Jamie Dimon publicly attacked Coinbase CEO Brian Armstrong and vowed to fight the CLARITY Act, arguing Coinbase operates like a bank but avoids bank-level regulation.
• Technically, COIN faces resistance at the 50-day SMA of $189 and the $213 level, with the RSI at 48 showing neutral-but-building momentum.

Coinbase stock closed at $189 on May 29, rising 3.72% after the CFTC issued a 16-page no-action letter giving the exchange clearance to connect US customers to the global crypto perpetual futures market.

Coinbase Global, Inc., COIN

The decision came less than 24 hours after Coinbase sent the regulator a formal request. That turnaround speed was itself a statement of intent from the CFTC.

Coinbase will channel the perps offering through Deribit, the offshore crypto options exchange it bought for $2.9 billion last year. The CFTC’s green light covers all “digital commodity” perpetual futures contracts on Deribit, which includes markets for Bitcoin, Ethereum, Solana, Dogecoin, and the TRUMP meme coin.

A source told Decrypt that Coinbase has not yet decided which of those assets it will actually make available to US users. The exchange plans to assess what is “fit for purpose.”

Perpetual futures are derivatives with no expiration date, letting traders use leverage to bet on crypto prices. The risk is real — rapid price moves last fall wiped out $19 billion in positions in minutes. Despite that, the market is large: perps trading volume topped $588 billion in the past month alone.

Coinbase is now the first US exchange cleared to offer this access, though other platforms are expected to follow quickly using the CFTC’s letter as their own roadmap.

Jamie Dimon Goes on the Offensive

JPMorgan CEO Jamie Dimon did not take the news quietly. In a Fox interview, Dimon said Coinbase CEO Brian Armstrong is “full of s–t” and pledged to keep fighting the CLARITY Act, the proposed crypto legislation Coinbase has spent heavily to advance in Washington.

Dimon also said he will fight provisions that would allow Coinbase to pay interest on stablecoins — something he views as direct competition for deposit customers.

Coinbase, for its part, has not been standing still. It launched round-the-clock US stock trading in February 2026. And on May 19, President Trump signed an executive order directing the Federal Reserve to review whether Coinbase qualifies for a master account with access to the $30 trillion US payments rail.

Where COIN Stock Stands Technically

The $189 close put COIN right at its 50-day simple moving average, which now acts as immediate resistance.

Above that sits the $213 level, which COIN has only closed above once since January 2026 — briefly on May 11. A sustained break above $213 for three consecutive days would put the 150-day SMA at $221 in play.

The RSI sits at 48, neutral but trending upward, suggesting buyers are building a position without yet controlling the tape.

COIN has a support base between $173 and $176. As long as the stock holds above that zone, the path toward $213 remains open.

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