Coinbase has obtained the CFTC’s clearing license. On September 28, Coinbase Clearing will be officially registered. This is its third derivatives brand license—before, it already had a futures broker and an exchange. Now even clearing is done in-house. In effect, it has grabbed the entire chain in its hands. I heard you can use USDC directly as collateral, with 24/7 settlement. When I saw this, my first reaction wasn’t that Coinbase is so great—it was about my own small position. If the clearinghouse is the one setting up, and it’s also the one making the rules, does that mean I’m among the protected retail traders on its platform? Honestly, I don’t understand the value of this kind of license very well. I’m a bit nervous; all I know is that institutions can settle on their own, and the money moves faster. Do you think this “cutting out the middleman” play is good or bad for us retail investors?

$COIN
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