Existing US Laws Could Pave Way for Perpetual Stock Futures, Ondo Argues

The debate around crypto-linked derivatives is taking a new turn. Ondo Finance, a major tokenized asset manager, has presented a compelling case to U.S. regulators: perpetual futures contracts tied to individual stocks can be offered domestically under current securities laws, without the need for new legislation. This position challenges the common assumption that such innovative products require a completely new regulatory playbook.

A Detailed Proposal to Regulators

In three comment letters submitted to the SEC and CFTC on August 24, Ondo Finance outlined a practical pathway. The firm suggests that these instruments can be classified and regulated within the existing framework for "security futures." The proposal is nuanced, advocating for the integration of modern margin mechanisms and the acceptance of on-chain market data for pricing and settlement—a nod to the technological foundation of these products.

Evidence from a Live Offshore Platform

Ondo's argument isn't purely theoretical. Through a Panama-based affiliate, the company already offers U.S.-listed stock perpetual futures settled in dollar-pegged stablecoins to non-U.S. investors. The market response has been significant. In just about six weeks after launch, the platform recorded a cumulative trading volume of $80 billion as of mid-August.

This operational experience, coupled with Ondo's role as a top-four manager of tokenized real-world assets (with roughly $2.6 billion under management), lends substantial weight to its regulatory outreach. It demonstrates clear demand and a working model.

Implications for the Broader Market

A favorable regulatory consideration could reshape the landscape:

  • Faster Innovation: Financial institutions might accelerate development of hybrid products under clarified rules.
  • Onshoring Liquidity : Trading activity currently happening offshore could move under U.S. regulatory oversight.
  • A New Precedent: It could set a reference point for regulating other complex crypto derivatives that blur lines between securities and commodities.

While regulators will undertake their own thorough review, Ondo's move has shifted the conversation from "if" to "how" perpetual stock futures could operate within the United States.