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HYPE Cryptocurrency derivatives and regulatory developments
Ondo Finance has filed a request with U.S. regulators to open the door to people-linked perpetual futures products. The company argues that such products can operate within existing legal frameworks in the United States without the need for new legislation.
On August 24, the company submitted three comment letters to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), detailing the reasons for bringing its offshore equity perpetual futures business back to the U.S. market.
Ondo's Panama-registered affiliates have provided perpetual futures products settled in stablecoins outside the United States linked to U.S. listed stocks. About six weeks after the platform was launched, the cumulative transaction volume as of August 14 has reached US$8 billion. Ondo believes that given that many of the underlying stocks are mainly traded on U.S. exchanges, these businesses currently conducted offshore should be included in the U.S..
How stock perpetual futures operate under existing laws
Ondo's core argument is that under U.S. law, stock perpetual futures do not require a fixed maturity date to be recognized as securities futures products. "There is nothing in the legal definition of securities and futures products that requires a fixed maturity date," the company wrote in its product classification letter. Ondo said that through the regular capital payment mechanism, perpetual contracts can keep pace with the underlying stock price, thus fulfilling an economic function similar to the maturity date in traditional futures contracts.
The company also responded to concerns about margin operations and market data, arguing that existing rules can adapt to modern margin management methods and be compatible with on-chain market data flows. "Bringing these businesses back to the U.S. should not be an open issue; it's something that both regulators should actively promote," Ondo said. According to data, as of September 2, the company ranked fourth among tokenized real-world asset (RWA) managers in terms of assigned value, with a total of approximately US$2.6 billion.
Regulators have begun to move towards an on-chain market
Ondo's request comes as U.S. regulators are taking a broader re-examination of how their existing framework applies to on-chain financial products. U.S. President Donald Trump said in August 2026 that CFTC Chairman Michael Selig was working to bring Hyperliquid-a platform known for its on-chain sustainable futures market-into the United States in a fully compliant manner. Neither the CFTC nor Hyperliquid publicly stated the specific operation method. After Trump's comments, Hyperliquid's native token (HYPE) rose more than 20% and rose nearly 49% in the past month, trading at approximately $81 as of September 2.
The SEC and the CFTC signed a memorandum of understanding in March 2026 to coordinate regulatory efforts in areas of overlapping jurisdiction. On September 1, the SEC separately proposed reforming its decades-old transfer agent framework, citing growing demand for blockchain-based bookkeeping and tokenized securities. Ondo's letter of comment was submitted as the two regulators actively re-examine the rules set for the early era of market infrastructure, as on-chain products are simultaneously breaking the boundaries of existing definitions in multiple ways.
