Crypto.com’s regulated North American Derivatives Exchange, Nadex, has registered with the U.S. Securities and Exchange Commission to trade security futures products through OG.com, moving the company deeper into U.S. equity derivatives. The registration was submitted on September 14 and became effective immediately; the SEC acknowledged the filing on September 16.
Security futures sit between securities and derivatives markets because their underlying assets are securities while the products themselves are futures contracts. That brings both the SEC and the Commodity Futures Trading Commission into the regulatory structure. Nadex already operates under OG.com and is registered with the CFTC as a designated contract market and a derivatives clearing organization. The new SEC registration adds the component needed for security futures.
Crypto.com CEO Kris Marszalek confirmed that the company is also working with the SEC and the CFTC to offer single-stock perpetual futures in the U.S. “We are working with the SEC and the CFTC to offer single-stock perps in the U.S., which will combine the innovations of the digital asset markets with the U.S. capital markets,” Marszalek wrote on X. Perpetual futures have no fixed expiration and use recurring funding payments, a structure popularized by crypto markets that could allow leveraged stock exposure without rolling expiring contracts.
Coinbase has filed its own registration notice as it works toward offering equity perpetual futures, and Robinhood recently agreed to route selected event contracts through OG.com while taking equity stakes in Crypto.com and OG.com after OG.com spins off as an independent platform. The next regulatory question is how the SEC and CFTC will divide oversight of a product that combines equity underlyings with derivatives built for markets that never close.
