Ondo Finance Pushes SEC and CFTC to Legalize Stock Perpetual Futures in the US

Ondo Finance is urging US regulators to allow perpetual futures on individual stocks to trade onshore, arguing existing securities laws can already support these products without new rules. In three comment letters filed August 24 with the SEC and CFTC, Ondo said current security futures regulations can accommodate perpetual contracts, modern margin practices, and onchain market data.

Offshore Platform Sees $8 Billion in Volume

Ondo’s Panama-based affiliate already runs stablecoin-settled perpetual futures on US-listed stocks outside the country, generating $8 billion in trading volume within six weeks of launch. Since most underlying stocks trade primarily on US exchanges, Ondo argues this activity should be brought back domestically rather than remain an open question for regulators.

No Expiration Needed, Ondo Argues

The company said scheduled funding payments keep perpetual contracts aligned with stock prices, serving the same role as expiration dates in traditional futures. Ondo noted federal law doesn’t require a fixed expiration for a product to qualify as a security future.

Ondo Ranks Among Top RWA Managers

Ondo currently holds the fourth spot among tokenized real-world asset managers, with about $2.6 billion in distributed value, according to RWA.xyz.

Regulators Rethink Onchain Market Rules

The push comes as regulators reconsider crypto-based products more broadly. President Trump said CFTC Chair Michael Selig is working to bring Hyperliquid into the US legally, sending its HYPE token up over 20%. Separately, the SEC and CFTC signed a coordination agreement in March, and the SEC proposed updating its transfer agent rules this week to reflect growing demand for blockchain-based recordkeeping.