Coinbase's Bold Move to Allow US Perpetual Futures..."Threatening JP Morgan's Business"

▲ Cryptocurrency Trading

Coinbase's stock price surged after it crossed the regulatory hurdle of allowing offshore perpetual futures trading for US customers. JP Morgan, valued at $4.8 trillion, immediately moved to counter it.

According to Coingape on May 29 (local time), Coinbase accelerated its entry into traditional finance after the US Commodity Futures Trading Commission (CFTC) allowed US customers access to offshore-traded cryptocurrency perpetual futures. Coinbase shares (COIN) rose 3.72% that day, closing at $189.

Coinbase plans to pursue this service in cooperation with Deribit. Coingape reported that Coinbase has become the first exchange to offer this service in the US. Earlier, Coinbase had expanded its reach into traditional finance by launching a 24-hour US stock trading service for US users in February 2026.

JP Morgan CEO Jamie Dimon claimed that Coinbase is subject to looser regulations than banks and expressed his intention to block the US crypto market structure bill. In an interview with Fox, Dimon targeted Coinbase CEO Brian Armstrong, saying, “Nobody is going to surrender to that person or that company. He's spending hundreds of millions of dollars in Washington for the US crypto market structure bill.”

Dimon stated that banks would not accept the US crypto market structure bill without amendments and insisted that Coinbase should be subject to the same regulations as JP Morgan. He clarified that the conflict with Coinbase is not because he fears competition, but because Coinbase operates like a bank but does not want the same regulations as banks. Coingape reported that US President Donald Trump signed an executive order on May 19 directing the Federal Reserve to examine Coinbase's potential access to a master account.

The stock price movement also fueled market interest. Coinbase's stock price rose 3.67% on May 29, climbing above the support range between $173 and $176. Coingape saw that if the stock price holds above $173, it could reach the $213 resistance level. However, the 50-day simple moving average of $189 was presented as the first barrier to overcome.

Coinbase's stock price has closed above the $213 resistance level only once since January 2026, on May 11. Coingape reported that if the stock price closes above $213 for at least three consecutive trading days, it could aim for the 150-day simple moving average of $221. The Relative Strength Index remained in neutral territory at 48, but the rising indicator trend showed that buying interest was aiming for a re-breakout of $213.

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