Ondo is calling on the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to bring perpetual futures contracts on individual stocks onshore. According to the firm, existing U.S. securities law already provides a framework for these types of products. The statement comes as regulators look for ways to move more derivatives trading under U.S. oversight.

What Ondo Wants

Ondo is pushing for a regulated way to trade perpetual futures tied to single-name stocks in the U.S. The company argues this can be done under current rules—no new laws needed—if the SEC and CFTC are on board with the right oversight approach.

Perpetual Futures, Explained

Perpetual (or “perp”) futures are derivatives without an expiration date. Their price tracks the underlying asset using a system of regular funding payments between traders. In Ondo’s proposal, the underlying would be individual stocks.

What This Could Mean for the Market

If regulators back the idea, it could open up a regulated path for trading these kinds of derivatives within the U.S. That fits the current push for onshoring, where the big questions will be market infrastructure, oversight, and investor protection. Whether this moves forward will depend on how the SEC and CFTC respond.