Ondo Finance is pressing U.S. regulators to allow perpetual futures tied to individual stocks to trade domestically, arguing that the products can fit within existing security futures rules without requiring an entirely new framework. In three Aug. 24 comment letters submitted to the SEC and CFTC, Ondo argued that current rules can accommodate perpetual stock futures while accounting for modern margin systems and onchain market data.
The company said “nothing in the statutory definition of a security futures product requires a fixed expiration date” in its product-classification letter. If regulators accept that interpretation, exchanges could potentially offer stock-linked perpetuals under existing security futures rules rather than waiting for a separate regulatory category. Ondo already has offshore exposure through a Panama-based affiliate offering stablecoin-settled perpetual futures linked to U.S.-listed stocks. That platform recorded $8 billion in cumulative trading volume as of Aug. 14, roughly six weeks after launching.
Ondo argued that bringing that activity back to the U.S. should not be an open question and that both agencies should actively pursue it. The proposal arrives as the SEC and CFTC work more closely on digital asset products near the boundary between securities and derivatives regulation. The agencies signed a memorandum of understanding in March aimed at coordinating oversight where their jurisdictions overlap. Stock perpetual futures sit directly inside that overlap because the underlying shares are SEC-regulated securities while futures markets fall under CFTC derivatives authority.
Ondo also framed blockchain-native data reporting as compliance infrastructure, arguing that an onchain ledger can serve part of the reporting function that legacy systems handle through periodic filings. The firm has become a large participant in tokenized real-world assets, with about $2.6 billion in distributed value as of Wednesday, placing it fourth among tokenized RWA managers according to RWA.xyz data.
The debate extends beyond Ondo. U.S. policymakers have discussed bringing onchain perpetual futures platforms into the domestic regulatory system. President Donald Trump said in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the United States in a fully compliant and legal manner. A workable U.S. framework for perpetual futures tied to stocks could create a new bridge between traditional securities markets and crypto trading infrastructure, potentially combining continuous derivatives trading, stablecoin settlement and onchain collateral with exposure to listed equities.
