Scenario description
Assume Coinbase keeps the completed Deribit integration operational for eligible U.S. institutional clients through the resolution date, with regulated access to international crypto options and perpetual futures still offered through the Coinbase platform. The reported scope is access to Deribit-linked liquidity described by MarketBrief as more than $30 billion in Bitcoin options open interest and more than $1 trillion in annual trading volume; specific U.S. client volumes, margin terms, leverage limits, asset lists, and exemptions are unavailable in the supplied evidence. This scenario requires an actual continued operating availability for eligible U.S. institutional clients, not merely a statement that Coinbase intends to provide such access later.