CFTC proposes federal registration framework for leveraged retail crypto trades

Robinhood (HOOD) rose 9% after the SEC approved a temporary framework for tokenized U.S.-listed securities, but the framework excludes Robinhood's existing synthetic stock tokens. The stock trades at a premium with a forward P/E of 45.46x, above its historical average and sector median. The SEC's order allows listed companies to object to tokenization, opposing Robinhood's CEO's stance. Institutional interest in HOOD is growing, with hedge fund holdings increasing.

Coinbase plans to relaunch Coinbase Pro by year-end, offering trading in spot, futures, perpetuals, options, and equities. The company completed its Deribit integration, creating Coinbase Global Exchange, which connects U.S. and global crypto derivatives into a single liquidity pool. U.S. institutional clients can trade Deribit options and perpetual futures through Coinbase Prime, with retail access expected later this year. Coinbase acquired Deribit for about $2.9 billion in August 2025.

Coinbase Global Inc. (COIN) Vice Chairman Ryan Van Grack stated the company's recent CFTC approval could speed up crypto product innovation and reduce reliance on third parties. He expects clearer custody rules to boost Bitcoin (BTC) adoption by institutions and investment advisers. Van Grack also highlighted tokenization as a significant upgrade to financial markets, with Coinbase already operating a tokenization hub in Abu Dhabi.

The Independent Community Bankers of America (ICBA) sued the OCC to block national trust charters for crypto firms, including Coinbase and Ripple, arguing they bypass banking regulations. The OCC approved 21 charters under the Trump administration, with 13 for crypto companies. ICBA claims these charters lack deposit insurance and capital standards, while the OCC sees them as promoting competition. Coinbase's conditional approval does not allow retail deposits.

Coinbase has added U.S. stock options to its platform, allowing eligible customers to trade long call and put contracts. This move aligns with its 'Everything Exchange' strategy, aiming to consolidate equities, cryptocurrencies, and derivatives in one interface. The service operates through Coinbase Capital Markets, a FINRA and SIPC member, with clearing provided by Apex Clearing Corporation.

FinCEN withdrew proposed rules requiring banks and exchanges to report crypto mixing and self-custody wallet transactions. Coinbase (COIN) rose 3% to $188, while Bitcoin (BTC) fell 1% to $85,690. FinCEN cited privacy concerns and potential impacts on legitimate activities. Existing anti-money-laundering rules remain unchanged.