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Crypto.com's US-regulated derivatives exchange North American Derivatives Exchange (Nadex) registered with the Securities and Exchange Commission on Sept. 16 to trade security futures products through OG.com, the company said Thursday. The SEC acknowledged the filing two days after submission, with the registration taking effect immediately. Chief Executive Kris Marszalek said Nadex is separately working with the SEC and the Commodity Futures Trading Commission to bring single-stock perpetual futures to the US market, contracts without a fixed expiration that mirror the most popular product from offshore crypto derivatives venues.
Why it matters
Nadex's filing lands in the same regulatory corridor Coinbase entered earlier this month when it filed its own notice registration for equity perpetual futures. Coinbase Chief Policy Officer Faryar Shirzad said the exchange would also need sign-off from the CFTC before listing the products, underscoring the dual-agency approval path any US venue now has to clear. Marszalek framed the push as an effort to combine the innovation of digital asset markets with US capital markets, language that signals the company sees single-stock perps as the first serious test of crypto-style product design running on fully regulated rails.
Market impact
The registration gives Nadex a structural head start on listing single-stock futures, a product class that has been live offshore for years but has remained effectively blocked in the US. Robinhood earlier this month agreed to route a selection of event contracts through OG.com beginning with football markets, and took equity stakes in both Crypto.com and OG.com following OG.com's spin-off as an independent platform. Two large US exchanges plus a major retail broker are now lining up to convert crypto's most-traded derivative into a regulated US product, with the structural cost being the multi-year approval and monitoring regime every venue will have to navigate.
Frequently asked questions
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What did Nadex register with the SEC for?
Nadex registered with the SEC on Sept. 16 to trade security futures products through OG.com. The registration took effect immediately after the SEC acknowledged the filing two days after submission.
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How is Crypto.com working with US regulators on stock perps?
CEO Kris Marszalek said Nadex is working with both the SEC and the CFTC to offer single-stock perpetual futures in the US. Coinbase's Chief Policy Officer Faryar Shirzad has said his exchange will also need CFTC sign-off before listing similar products.
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What are single-stock perpetual futures?
Single-stock perpetual futures are futures contracts on an individual company's stock with no fixed expiration date. They mirror the most popular product from offshore crypto derivatives venues.
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What is the relationship between Nadex and OG.com?
Nadex operates under OG.com and is registered with the CFTC as a designated contract market and derivatives clearing organization. OG.com recently spun off as an independent trading platform.
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How is Robinhood involved in Crypto.com's US derivatives push?
Robinhood struck a deal earlier this month to route a selection of event contracts through OG.com beginning with football markets. Robinhood also agreed to take equity stakes in both Crypto.com and OG.com following OG.com's spin-off.
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