# 2026-19512: Coinbase Wants More Margin for Futures Follies 2026-19512, Self-Regulatory Organizations; Coinbase Derivatives, LLC; Notice of Filing of a Proposed Rule Change Relating to Customer Margin Requirements for Security Futures Products, is a Federal Register notice from Securities and Exchange Commission published 2026-09-24; PRIA reads it as touching household money (as of 2026-10-01). - Canonical: https://policyrisk.com/federal-register/2026-19512 - As of: 2026-10-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2026-19512 - Title: Self-Regulatory Organizations; Coinbase Derivatives, LLC; Notice of Filing of a Proposed Rule Change Relating to Customer Margin Requirements for Security Futures Products - Type: Notice - Agencies: Securities and Exchange Commission - Citation: 91 FR 60670 - Published: 2026-09-24 - Effective: unknown - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-10-01 ## In one line Coinbase Wants More Margin for Futures Follies ## Summary Coinbase Derivatives wants to change the rules on how much money customers need to keep as a safety net when trading security futures. This affects anyone trading these products on Coinbase starting soon, aiming to keep things fair and safe. The SEC is now asking for public feedback before these new margin rules kick in. ## Effects PRIA read - Minimum Customer Margin: 15% Rule: cost, medium. If you trade security futures on Coinbase Derivatives, the Exchange proposes that the minimum initial and maintenance margin for customer positions will follow the SEC standard of at least 15% of the current market value. The rule says margin must be calculated daily using the Daily Settlement Pric… - Offsets for Offsetting Positions: benefit, medium. The Exchange proposes a table of margin offsets that lets customers holding offsetting security futures and related positions reduce the margin they must post. The offsets align with the SEC/CFTC 2020 Customer Margin Release and may lower required margin for qualifying position combinations. - Market Makers and Exempted Persons Exempt: benefit, low. Certain groups called 'Exempted Persons' and registered Market Makers are treated as non-Customers and are therefore exempt from the Exchange's customer margin rules. To qualify as a Market Maker, a firm must register with the Exchange as a Security Futures Dealer and meet specified registration an… - What Assets Can Count as Margin: benefit, low. The Exchange says Participant and Clearing Firms may accept cash, margin securities, exempted securities, assets allowed under Regulation T, and other assets permitted by SEC/CFTC rules as margin. The rule also states the Exchange would permit payment stablecoins as margin only if the SEC, CFTC, or… - Funding Payments Count as Variation Settlement: benefit, low. For perpetual security futures, periodic 'Funding Payments' between counterparties will be treated as variation settlement and credited or debited to customer accounts at the close of trading each day. Those daily credits/debits will be included in account equity for margin calculations. - Liquidation and Net-Capital Deductions for Undermargined Accounts: cost, medium. If a customer fails to meet a margin call within a reasonable time, the Participant Firm or Clearing Firm must take a deduction for the underfunded account when computing its net capital and must liquidate accounts with a liquidating deficit in accordance with SEC and CFTC rules. This affects custo… - Exchange Can Add Emergency or Product-Specific Margins: cost, medium. The Exchange may establish additional concentration, emergency, or product-specific margin requirements under published procedures. That means margin requirements could be raised for particular products or during emergencies. - Daily Settlement Price Published Regularly: benefit, low. The Exchange intends to regularly publish the Daily Settlement Price for security futures, and margin will be calculated using that Daily Settlement Price determined under Exchange rules. Publishing the settlement price informs daily margin calculations. ## Related documents - [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06 - [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21 - [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10 - [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04 - [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21 - [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17 ## Sources - [2026-19512 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/24/2026-19512/self-regulatory-organizations-coinbase-derivatives-llc-notice-of-filing-of-a-proposed-rule-change) - [2026-19512 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-24/pdf/2026-19512.pdf) ## Related - [Previous: 2026-19511, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2026-19511) - [Next: 2026-19513, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a…](https://policyrisk.com/federal-register/2026-19513) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2026-19512 (as of 2026-10-01).