OG.com submitted a proposal to the CFTC on Thursday for new rules that would allow the platform to list cash-settled perpetual futures on individual U.S. stocks, with trading available 24 hours a day, five days a week.

The Platform Spun Off from Crypto.com and Is Valued at $5 Billion

OG.com was recently spun off from the crypto exchange Crypto.com as an independent prediction markets and derivatives platform, with a valuation of $5 billion. At the time, CEO Kris Marszalek announced plans to expand beyond prediction markets into futures and perpetual contracts.

Robinhood Acquired a Stake and Integrated OG.com Infrastructure

Soon after the spin-off, Robinhood acquired a stake in OG.com as part of a multi-year agreement to use the platform’s CFTC-regulated derivatives exchange and clearinghouse for prediction markets.

Other Players Filed Applications for Stock Perpetuals on September 18

On September 18, Coinbase, Payward (the parent company of Kraken) through its Bitnomial exchange, and prediction market Kalshi also filed applications to launch perpetual futures tied to individual U.S. stocks.

SEC and CFTC Advance Regime for Perpetuals and Tokenized Stocks

After the CLARITY Act failed in the Senate on September 15, the SEC in the following days allowed limited on-chain trading of tokenized U.S. stocks under the Innovation Exemption, while the CFTC expanded regulatory relief for software providers connecting users to regulated derivatives platforms, including those offering perpetual contracts. Back in May, the CFTC began reviewing perpetual contracts on a case-by-case basis and approved Kalshi’s product for perpetual bitcoin futures, and in June granted temporary relief allowing certain registered exchanges to convert existing crypto futures into contracts with no expiration date.