Key Takeaways
- Shares of COIN finished trading at $189 on May 29, gaining 3.72% following the CFTC’s decision to authorize Coinbase for providing offshore cryptocurrency perpetual futures access to American traders.
- The exchange will partner with Deribit — a platform Coinbase purchased for $2.9 billion — to facilitate these derivatives products, becoming the pioneering US-based exchange granted this regulatory approval.
- The authorization encompasses perpetual futures for “digital commodities” such as Bitcoin, Ethereum, Solana, Dogecoin, and additional assets, though Coinbase hasn’t disclosed its final asset selection.
- Jamie Dimon, CEO of JPMorgan, launched verbal assaults against Coinbase’s Brian Armstrong and promised opposition to the CLARITY Act, claiming Coinbase functions similarly to traditional banks without equivalent regulatory oversight.
- From a technical perspective, COIN encounters resistance at its 50-day SMA of $189 and the critical $213 threshold, while the RSI reading of 48 indicates neutral momentum with emerging strength.
Shares of Coinbase finished the May 29 trading session at $189, advancing 3.72% following the Commodity Futures Trading Commission’s release of a comprehensive 16-page no-action letter authorizing the platform to provide US traders with access to international cryptocurrency perpetual futures markets.
The regulatory decision materialized in under 24 hours following Coinbase’s submission of its official application. The remarkable processing speed signaled the CFTC’s proactive stance on the matter.
The exchange will execute its perpetuals strategy through Deribit, the international crypto options platform acquired for $2.9 billion during the previous year. The CFTC authorization encompasses perpetual futures contracts classified as “digital commodities” available on Deribit, spanning markets for Bitcoin, Ethereum, Solana, Dogecoin, and even the TRUMP meme token.
According to a source speaking with Decrypt, the company hasn’t finalized which specific digital assets will be offered to American customers. Management intends to evaluate each option to determine what meets their “fit for purpose” criteria.
Perpetual futures contracts are derivative instruments without expiration dates, enabling market participants to employ leverage when speculating on cryptocurrency valuations. These products carry substantial risk — last fall’s volatile price swings eliminated $19 billion in leveraged positions within mere minutes. Nevertheless, the market remains substantial: perpetual futures trading volume exceeded $588 billion over the previous 30-day period.
Coinbase now holds the distinction of being the inaugural US-registered exchange authorized for this market access, though industry observers anticipate other platforms will rapidly pursue similar clearances using the CFTC’s letter as their regulatory blueprint.
JPMorgan’s CEO Launches Aggressive Counterattack
Jamie Dimon, head of JPMorgan, responded forcefully to the development. During a Fox interview, Dimon characterized Coinbase CEO Brian Armstrong as “full of s–t” and committed to ongoing resistance against the CLARITY Act, the crypto regulatory framework that Coinbase has vigorously lobbied for in Washington.
“No one’s going to bow down to this guy, or that company,” Dimon stated. He emphasized that banking institutions will demand amendments to CLARITY and insisted Coinbase should operate under identical regulations governing JPMorgan.
Dimon specifically opposed provisions enabling Coinbase to provide interest payments on stablecoin holdings — a feature he perceives as direct competition for traditional deposit products.
Meanwhile, Coinbase has aggressively expanded its operations. The platform introduced 24/7 US equity trading in February 2026. Additionally, on May 19, President Trump issued an executive directive instructing the Federal Reserve to evaluate whether Coinbase meets eligibility requirements for a master account providing access to the $30 trillion US payment infrastructure.
Technical Analysis of COIN Stock
The $189 closing price positioned COIN precisely at its 50-day simple moving average, which currently functions as immediate overhead resistance.
Beyond that barrier lies the $213 price level, a threshold COIN has successfully closed above just once since January 2026 — a brief penetration on May 11. A confirmed breakout above $213 sustained for three consecutive sessions would activate the 150-day SMA target at $221.
The Relative Strength Index currently registers 48, indicating neutral territory with upward momentum, suggesting accumulation by buyers without dominant control of price action.
COIN has established support infrastructure between $173 and $176. Provided the stock maintains levels above this zone, the trajectory toward $213 remains viable.
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