Ondo Finance Petitions US Regulators for Domestic Stock Perpetuals

The proposal submitted by Ondo argues that federal agencies do not need to create new regulatory categories to accommodate these products. Instead, the company maintains that current statutes governing security futures already cover contracts without fixed expiration dates. By replacing traditional expiration with recurring funding payments—a mechanism designed to align market prices with underlying asset values—Ondo believes these derivatives satisfy the economic requirements for existing oversight.

This initiative mirrors recent efforts by the Hyperliquid Policy Center, which also proposed treating equity perpetuals as security futures. Bringing such activity onshore would require strict adherence to registration, margin, and investor-protection standards. While analysts estimate that a formal rulemaking process could take up to a year, a reliance on existing regulatory authority might accelerate the timeline. Success would allow US investors access to products currently restricted to non-US participants, provided the agencies approve Ondo’s classification of these onchain contracts.