Ondo Pushes SEC, CFTC to Onshore Stock Perpetuals

Ondo is urging the Securities and Exchange Commission and the Commodity Futures Trading Commission to let perpetual futures tied to individual stocks trade in the United States, arguing that existing securities laws can accommodate the product structure.

The pitch arrives as regulators face growing pressure to keep more derivatives activity onshore while limiting the migration of price discovery to offshore venues. For institutions, the proposal matters because stock-linked perpetuals could create a new regulated channel for leveraged equity exposure, with implications for liquidity, hedging efficiency and market surveillance.

If approved, the structure could also widen the policy framework around tokenized finance and synthetic exposure, two areas that continue to draw attention from asset managers, market makers and exchanges. The key question is whether regulators view perpetual contracts as a manageable extension of current market plumbing or as a product that requires new guardrails before broader distribution.

From a market structure standpoint, onshore stock perpetuals would likely concentrate activity among firms with strong compliance, margin and risk-management systems. That could support tighter spreads and deeper order books over time, but it would also raise questions about leverage, liquidation mechanics and cross-market contagion during periods of stress.

For crypto-native venues and infrastructure providers, the development is relevant because it reinforces the broader convergence between digital-asset market design and traditional capital markets. Traders monitoring this theme can review execution pathways through the [Squaby Swap Router](https://swap.squaby.com) and broader policy context via [Squaby Academy](https://squaby.com/academy).