Key Highlights
- Coinbase (COIN) shares gained 3.72% to close at $189 on May 29 following CFTC authorization to provide offshore cryptocurrency perpetual futures to American traders.
- The exchange will partner with Deribit — purchased for $2.9 billion — to roll out crypto perps, becoming the first American exchange to secure this regulatory clearance.
- CFTC authorization encompasses “digital commodity” perpetual contracts for Bitcoin, Ethereum, Solana, Dogecoin, and additional assets, though Coinbase hasn’t disclosed its final offering lineup.
- JPMorgan’s CEO Jamie Dimon launched a direct assault on Coinbase CEO Brian Armstrong and pledged to oppose the CLARITY Act, claiming Coinbase functions like a financial institution while evading banking regulations.
- From a technical standpoint, COIN confronts resistance at its 50-day SMA of $189 and the $213 threshold, while the RSI reading of 48 indicates neutral momentum with upward pressure building.
Shares of Coinbase reached $189 at the close on May 29, posting a 3.72% advance after the Commodity Futures Trading Commission released a 16-page no-action letter authorizing the platform to link American traders to international cryptocurrency perpetual futures markets.
Coinbase Global, Inc., COIN
The regulatory determination arrived fewer than 24 hours following Coinbase’s submission of its official application. The rapid turnaround represented a significant signal from the CFTC about its positioning.
Coinbase will deliver the perpetual futures product via Deribit, the international crypto derivatives platform it acquired for $2.9 billion in the previous year. The CFTC authorization encompasses all “digital commodity” perpetual futures instruments available on Deribit, incorporating trading pairs for Bitcoin, Ethereum, Solana, Dogecoin, and the TRUMP token.
According to a source speaking with Decrypt, Coinbase hasn’t finalized which specific assets will be made accessible to American customers. The platform intends to evaluate which options are “fit for purpose.”
Perpetual futures contracts are derivative instruments without expiration dates, enabling traders to employ leverage when speculating on cryptocurrency valuations. The dangers are substantial — swift price movements last autumn eliminated $19 billion in leveraged positions within minutes. Nonetheless, the market remains massive: perpetual futures trading volume exceeded $588 billion over the previous 30 days.
Coinbase now stands as the first American trading platform authorized to deliver this market access, although competing platforms are anticipated to pursue similar clearances rapidly by following the CFTC’s letter as a blueprint.
Jamie Dimon Launches Aggressive Pushback
JPMorgan’s CEO Jamie Dimon responded forcefully to the development. During a Fox interview, Dimon declared Coinbase CEO Brian Armstrong is “full of s–t” and committed to continuing his opposition to the CLARITY Act, the cryptocurrency framework Coinbase has lobbied extensively to advance through Congress.
Dimon additionally indicated he would resist elements permitting Coinbase to offer interest payments on stablecoins — a feature he characterizes as direct rivalry for deposit business.
Meanwhile, Coinbase has continued expanding its services. The platform introduced 24-hour equity trading for US stocks in February 2026. On May 19, President Trump issued an executive directive instructing the Federal Reserve to evaluate whether Coinbase meets requirements for a master account providing access to the $30 trillion US payments infrastructure.
Technical Analysis of COIN Stock Movement
The $189 closing price positioned COIN precisely at its 50-day simple moving average, which currently functions as near-term resistance.
Beyond that barrier lies the $213 price point, which COIN has exceeded on a closing basis only once since January 2026 — momentarily on May 11. A confirmed breakout above $213 maintained for three straight sessions would bring the 150-day SMA at $221 into focus.
The Relative Strength Index registers at 48, reflecting neutral territory while trending higher, indicating accumulation by buyers who haven’t yet dominated price action.
COIN maintains a support foundation between $173 and $176. Provided the stock remains above this range, the trajectory toward $213 stays viable.
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Source: https://blockonomi.com/coinbase-coin-stock-jumps-4-following-cftc-approval-for-perpetual-futures-trading/
