Coinbase launches CFTC-regulated Solana (SOL) and Hedera (HBAR) futures contracts

• Coinbase launches CFTC-regulated Solana (SOL) futures.
• The launch of the regulated Solana futures contracts is seen as a pointer to Solana ETF approval in the US.
• Coinbase is pushing for Commodity Futures Trading Commission (CFTC) spot market control.

Coinbase has launched Solana (SOL) and Hedera (HBAR) futures contracts on its US derivatives exchange, regulated by the Commodity Futures Trading Commission (CFTC).

By offering regulated futures contracts, Coinbase provides a structured environment for investors to engage with SOL and HBAR, potentially leading to increased liquidity and stability in the digital assets’ market.

The Solana futures contracts include standard offerings representing 100 SOL, alongside “nano” contracts tailored for retail investors, each representing 5 SOL, making it more accessible for a broader range of market participants.

A step towards Solana (SOL) ETFs

The launch of regulated futures markets for Solana (SOL), is particularly seen as a crucial step towards the eventual introduction of a Solana Exchange-Traded Fund (ETF) in the United States.

Futures markets provide a benchmark for measuring the performance of digital assets, which is essential for the approval and operation of spot ETFs.

With at least five ETF issuers already having filed with the SEC for spot Solana ETFs, the regulator’s decision deadline set for October 2025, and Bloomberg Intelligence estimating a 70% approval probability, the futures contracts might pave the way for these financial products.

Notably, Coinbase’s push for CFTC oversight over spot markets is part of a broader industry effort to redefine regulatory frameworks for cryptocurrencies.

Chief Policy Officer Faryar Shirzad of Coinbase has submitted a proposal advocating for Congress to grant the CFTC full authority over spot markets, arguing that digital assets like Bitcoin and Ethereum should be treated as commodities. In his proposal, Shirzad outlined a six-point legislative agenda aimed at providing clarity and consumer protection.

However, while advocating for a larger role for the CFTC, Coinbase acknowledges the SEC’s importance, particularly in creating rules for capital raising in the crypto sector. This nuanced approach suggests a future where both regulatory bodies could collaborate to nurture a balanced ecosystem for digital assets.

The SEC, under recent leadership and influence, has shown a more accommodating stance towards crypto, with efforts like the newly formed Crypto Task Force aimed at clarifying regulations around broker-dealer activities and staking.

The crypto regulatory landscape has indeed shown signs of softening, especially with the recent political shift following Donald Trump’s presidency, who has expressed intentions to make the US a hub for cryptocurrency.

The explosive crypto derivatives market growth

The crypto derivatives market has seen explosive growth, with Coinbase reporting a volume increase of roughly 10,950% in 2024.

Notably, Coinbase’s launch of futures for Hedera’s HBAR with a standard offering of 5000 HBAR per contract in addition to the Solana futures contracts indicates a diversification strategy that includes both major cryptocurrencies and emerging blockchain platforms.

Additionally, the cryptocurrency exchange has expanded its digital assets futures offerings to include futures for memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), as well as traditional commodities, showcasing its commitment to broadening the scope of tradable assets under its umbrella.

The launch of CFTC-regulated Solana (SOL) futures contracts not only signifies a maturation of the crypto market but also reflects the ongoing dialogue between traditional finance, regulatory bodies, and the burgeoning digital asset industry.