COINBASE ASKS THE SEC FOR WHAT ROBINHOOD JUST TOOK — FORM 1-N FILED FOR ROUND-THE-CLOCK STOCK BETS — THE SYNTHETIC-SHARES FIGHT GETS A LEGAL LANE
Robinhood asked forgiveness. Coinbase asked permission. Same trade, different paperwork — and the paperwork is the story.
On Monday, Coinbase quietly filed two forms with the SEC: Form 1-N, a notice registration letting Coinbase Derivatives operate as a security-futures exchange, and Form BD-N, making Coinbase Financial Markets a limited broker-dealer for those products. Chief Policy Officer Faryar Shirzad announced it Thursday. Translation: Coinbase wants to run round-the-clock perpetual bets on single stocks — Apple, Nvidia, the names it already offers overseas — inside the American fence, with the referee’s whistle in hand. Now put it next to this week’s other story. Monday, AMC’s CEO called Robinhood’s Europe-only stock tokens an outrage — synthetic shares of companies that never agreed to be tokenized. Three days later, Coinbase filed to build the same exposure the registered way: KYC, a licensed exchange, a broker-dealer with a rulebook. The Capitalist reads the sequence like a whip count. The market-structure machine is moving toward markets that never close — the CFTC opened the door for Bitcoin perpetuals in May, and stocks are next in line. What’s still missing tells you the timeline: no launch date, no stock list, no leverage terms, and the CFTC’s sign-off still ahead. The direction, though, is filed in writing.
KEY RECEIPTS
The filings: Form 1-N (Coinbase Derivatives — security-futures exchange notice registration) and Form BD-N (Coinbase Financial Markets — limited-purpose broker-dealer), both dated Sept 1 (announced by CPO Faryar Shirzad on X, Sept 3; corroborated by The Block and crypto.news).
Not in the filings: launch date, list of stocks, leverage limits. Next gate: the CFTC.
The SEC has not yet posted the 1-N document publicly — agency posting lags by days. This story works from the announcement and three corroborating reports; we’ll link the document when it lands.
Already running: Coinbase launched international single-stock perpetuals in March (Apple, Microsoft, Nvidia, Amazon) for non-U.S. traders.
The precedent: CFTC staff cleared Bitcoin perpetual futures for U.S. listing in May (Coinbase and Kalshi).
The arc: AMC’s CEO disavows Robinhood’s stock token — same week, same fight, opposite legal strategy.
Not in the filings: launch date, list of stocks, leverage limits. Next gate: the CFTC.
The SEC has not yet posted the 1-N document publicly — agency posting lags by days. This story works from the announcement and three corroborating reports; we’ll link the document when it lands.
Already running: Coinbase launched international single-stock perpetuals in March (Apple, Microsoft, Nvidia, Amazon) for non-U.S. traders.
The precedent: CFTC staff cleared Bitcoin perpetual futures for U.S. listing in May (Coinbase and Kalshi).
The arc: AMC’s CEO disavows Robinhood’s stock token — same week, same fight, opposite legal strategy.
Robinhood asked forgiveness. Coinbase asked permission.
The cap is still twenty-one million.
The cap is still twenty-one million.
Shirzad announcement (X) Sept 3 + The Block + crypto.news · filings dated Mon Sep 1 2026