Ondo urges SEC, CFTC to bring US stock perpetuals onshore
Ondo Finance is pushing US regulators to allow perpetual futures tied to individual stocks to trade domestically, arguing they fit within existing security futures rules without new legislation. In comment letters to the SEC and CFTC, Ondo said scheduled funding payments can keep perpetuals aligned with underlying stock prices, serving a role similar to expiration in standard futures, and that current rules can also handle modern margining and onchain market data. Ondo said its offshore platform already offers stablecoin-settled perpetuals on US-listed stocks and has generated $8 billion in trading volume shortly after launch. The company says much of this activity belongs in US markets because the underlying stocks already trade on US exchanges. The push comes as US agencies increasingly review how legacy rules apply to tokenized assets and onchain derivatives.
