Coinbase, Kalshi Apply to Register as Securities Exchanges for Security Futures

The SEC acknowledged receipt of notices from Coinbase Derivatives, LLC, and KalshiEX LLC registering each as a national securities exchange limited to trading security futures products.

The Exchange Act allows an exchange to register as a national securities exchange solely for security futures products if it is a board of trade designated as a contract market by the CFTC and does not otherwise serve as a marketplace for securities transactions beyond security futures or certain CEA-authorized futures on exempted securities or indexes.

Exchange Act Rule 6a-4 ("Notice of registration under Section 6(g) of the Act, amendment to such notice, and supplemental materials to be filed by exchanges registered under Section 6(g) of the Act") requires such an exchange to submit written notice of registration on Form 1-N. Under Exchange Act Section 6(g)(2)(B) ("National securities exchanges"), the registration becomes effective contemporaneously with submission of the notice.

Coinbase Derivatives filed its notice with the SEC on September 1, 2026, and KalshiEX filed its notice on September 3, 2026. The SEC's Division of Trading and Markets reviews such filings to confirm all required information and documents have been properly supplied.