Binding curtailment of U.S. access to the Coinbase-Deribit derivatives pool

Assume U.S. access to the integrated Coinbase-Deribit derivatives pool is materially curtailed before the resolution date, through a Coinbase restriction, regulator action, licensing clarification, venue approval limit, or similar binding operational change. The geography is the United States and the affected entities are Coinbase, Deribit/Coinbase Global Exchange users, eligible U.S. institutional clients, and related derivatives venues or clearing entities. Known magnitude is not available from the supplied evidence: client count, revenue exposure, product-level U.S. volumes, leverage terms, and any exemptions are unspecified. This scenario requires an actual operational restriction, suspension, close-only shift, product delisting for U.S. clients, or comparable binding change, not merely criticism, investigation, or a nonbinding policy speech.