Ondo Finance is pressing U.S. regulators to bring stock perpetual contracts under clearer federal oversight, positioning the tokenized-asset issuer at the center of an unresolved jurisdiction
Ondo Finance is pressing U.S. regulators to bring stock perpetual contracts under clearer federal oversight, positioning the tokenized-asset issuer at the center of an unresolved jurisdictional question that straddles both the Securities and Exchange Commission and the Commodity Futures Trading Commission as the two agencies weigh how derivatives products should be defined.
Ondo has publicly argued for open, onchain market infrastructure in its Open Markets by Design thesis, framing perpetual contracts referencing U.S. equities as products that should sit inside a defined regulatory perimeter rather than outside it. For related coverage, see London Stock Exchange Partners With Kraken Parent Payward on Tokenized UK Large-Cap Stocks.
The company's positioning was detailed in reporting that Ondo wants to rebuild prime brokerage onchain, with perpetuals described as the first step, according to CoinDesk. The account reflects Ondo's own stated strategy and should not be read as a confirmed product launch. For related coverage, see Strive Unit SATA Buys Bitcoin for Ninth Straight Day via Preferred Stock.
It is important to separate Ondo's advocacy from any settled agency decision. There is no confirmation that either regulator has adopted a framework specific to stock perpetuals; what exists is a policy question that Ondo is urging the SEC and CFTC to address directly. For related coverage, see Strive's SATA Buys Bitcoin Via Preferred Stock Financing.
Perpetual contracts linked to individual equities sit awkwardly between two statutory regimes, because an instrument that references a security can implicate the SEC's authority while its derivative structure can fall to the CFTC.
That overlap is the crux of the CFTC's own policy statement on perpetual contracts, which treats the classification of these products as an open matter rather than one resolved by existing definitions.
The unresolved boundary matters for market structure that already spans both worlds, as venues push equities onchain; Binance, for instance, has moved into U.S. stock and ETF options trading with physical delivery, underscoring how quickly equity-linked derivatives are migrating toward crypto rails.
The two agencies have moved to seek public comment to further clarify and harmonize derivatives product definitions, according to a joint SEC announcement.
A public comment request signals an open policy question, not a finalized rule. It indicates the regulators are still gathering input on where products like stock perpetuals belong, which means approval of any specific framework is not imminent on the basis of this step alone.
For policy watchers, the harmonization effort is the mechanism through which investor protection and market integrity concerns will be weighed, because consistent product definitions determine which registration, disclosure, and surveillance obligations attach to a given contract.
Ondo's broader thesis casts perpetuals as one component of a larger effort to move regulated market infrastructure onchain, per its Open Markets by Design framing. That vision extends the firm's existing footprint in tokenized real-world assets.
Ondo has been cited among the leaders as tokenized equities triple their market share alongside Binance and xStocks, situating its perpetuals advocacy within a fast-growing tokenized-equity segment. Media-reported plans, however, are not confirmed launches.
What is a stock perpetual contract? It is a derivative that tracks the price of an equity without an expiry date, a structure the CFTC is examining in its perpetual contracts policy statement.
Why might both the SEC and CFTC be relevant? Because the underlying is a security while the instrument is a derivative, the product can implicate both agencies, which is why they are seeking comment to harmonize definitions.
Does the current process mean approval is imminent? No. The public comment stage reflects an open question; no confirmed framework for stock perpetuals has been adopted.
The next concrete trigger to watch is the outcome of the SEC and CFTC comment process on derivatives product definitions, which will determine whether stock perpetuals gain a defined regulatory home.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
The post Ondo Calls for SEC and CFTC Oversight of U.S. Stock Perpetual Contracts was initially published on Coincu.
