Ondo Finance has called on US regulators to legalise perpetual stock futures under existing frameworks, submitting three letters to the SEC and CFTC on 24 August. The company, through its Panama-based affiliate, operates a stablecoin-settled perpetual futures platform for US-listed stocks, with $8 billion in cumulative trading volume as of 14 August.
The letters argue that perpetual futures, which adjust prices via scheduled funding payments, align with current security futures rules. Ondo, which ranks fourth among tokenized real-world asset (RWA) managers with $2.6 billion in distributed value, claims its products do not inherently conflict with US regulations.
The firm’s stance follows broader industry interest in onshore derivatives markets. Hyperliquid, another onchain perpetual futures market, has seen its native token HYPE rise 49% over a month, trading at $81 on Wednesday. However, details on how Hyperliquid might achieve US compliance remain unclear.
CFTC Chair Michael Selig has previously referenced Hyperliquid in discussions about regulatory challenges, though no formal guidance has been issued. Ondo’s push highlights growing pressure on regulators to address the legal ambiguity surrounding perpetual futures, which lack fixed expiration dates.
Uncertainties persist over practical steps for US integration, with neither the CFTC nor Hyperliquid detailing mechanisms for full compliance. Ondo’s appeal underscores the sector’s push to reconcile innovation with existing frameworks, though regulatory clarity remains pending.
Written by Steven Cook
Regulation Desk
