According to CoinMeta, Wu said that Coinbase Chief Policy Officer Faryar Shirzad stated that Coinbase has submitted a joint response to CFTC and SEC, suggesting that stock perpetual contracts be regulated as securities and futures (security futures), and that an alternative compliance framework should be established to reduce friction caused by similar economic products being registered with two different institutions and subjected to duplicate regulation. Shirzad also mentioned that CFTC has classified perpetual derivatives based on digital asset commodities as futures, and that a similar structural analysis can be applied to the underlying assets of stocks. Coinbase believes that clarifying the regulatory boundaries between the two institutions will help to bring related products currently traded in overseas markets into the regulated markets in the United States.