Key Takeaways
- Shares of COIN finished trading at $189 on May 29, gaining 3.72% following the CFTC’s approval allowing Coinbase to provide offshore crypto perpetual futures access to American traders.
- The exchange will partner with Deribit — acquired by Coinbase for $2.9 billion — to facilitate crypto perps trading, becoming the first American exchange to receive such authorization.
- The regulatory greenlight encompasses perpetual futures for “digital commodities” such as Bitcoin, Ethereum, Solana, Dogecoin, and additional assets, though Coinbase hasn’t disclosed which tokens it will initially support.
- JPMorgan’s CEO Jamie Dimon launched a scathing public critique of Coinbase CEO Brian Armstrong and promised to oppose the CLARITY Act, claiming Coinbase functions like a financial institution while evading comparable regulatory oversight.
- From a technical perspective, COIN confronts resistance at its 50-day SMA around $189 and the critical $213 threshold, while the RSI registers 48, indicating neutral momentum with emerging bullish tendencies.
Shares of Coinbase concluded May 29 trading at $189, advancing 3.72% following the CFTC’s release of a comprehensive 16-page no-action letter authorizing the platform to provide American customers access to international crypto perpetual futures markets.
The regulatory determination arrived in under 24 hours following Coinbase’s submission of its official application. The remarkably swift response timeline represented a meaningful signal from the CFTC regarding its regulatory stance.
The platform will facilitate its perpetual futures services via Deribit, the international crypto derivatives platform Coinbase acquired in a $2.9 billion transaction last year. The CFTC authorization encompasses all perpetual futures contracts for “digital commodities” available on Deribit, spanning markets for Bitcoin, Ethereum, Solana, Dogecoin, and even the TRUMP meme token.
According to an insider who spoke with Decrypt, Coinbase hasn’t finalized which specific digital assets will be offered to American customers initially. The platform intends to evaluate options based on what meets its “fit for purpose” criteria.
Perpetual futures represent derivative instruments without expiration dates, enabling traders to employ leverage when speculating on cryptocurrency price movements. These products carry significant risk — violent market swings last autumn eliminated $19 billion in leveraged positions within mere minutes. Nevertheless, the market commands substantial volume: perpetual futures trading exceeded $588 billion over the previous 30 days.
Coinbase now holds distinction as the inaugural US-based exchange authorized to provide this market access, though competing platforms are anticipated to pursue similar clearances rapidly using the CFTC’s determination as their regulatory template.
Jamie Dimon Launches Public Attack
JPMorgan’s CEO Jamie Dimon responded to the development forcefully. During a Fox News appearance, Dimon characterized Coinbase CEO Brian Armstrong as “full of s–t” and committed to actively opposing the CLARITY Act, the cryptocurrency regulatory framework Coinbase has invested substantially to promote through legislative channels.
“No one’s going to bow down to this guy, or that company,” Dimon declared. He emphasized that traditional banks will refuse to accept CLARITY legislation without significant modifications and insisted Coinbase should comply with identical regulatory standards governing JPMorgan’s operations.
Dimon further stated his opposition to components permitting Coinbase to offer interest payments on stablecoin holdings — a feature he considers direct competition for traditional bank deposits.
Meanwhile, Coinbase continues expanding its services. The exchange rolled out 24-hour US equity trading capabilities in February 2026. Additionally, on May 19, President Trump issued an executive directive instructing the Federal Reserve to evaluate whether Coinbase meets eligibility criteria for a master account providing access to the $30 trillion United States payment infrastructure.
Technical Analysis of COIN Stock
The $189 closing price positioned COIN precisely at its 50-day simple moving average, establishing this level as the immediate resistance barrier.
Beyond this point lies the $213 threshold, which COIN has surpassed on a closing basis just once since January 2026 — momentarily on May 11. A decisive breakout above $213 maintained for three straight trading sessions would bring the 150-day SMA at $221 into focus as the next technical objective.
The Relative Strength Index currently registers 48, reflecting neutral territory with an upward trajectory, indicating accumulation by buyers without complete market control.
COIN maintains established support between the $173-$176 range. Provided the stock defends this zone, the technical pathway toward the $213 resistance level remains viable.
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