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HYPE Core Points
On August 24, Ondo Finance submitted three opinion letters to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) requesting approval of perpetual futures contracts for a single U.S. stock under the framework of current securities and futures regulations.
The company's Panama-registered entity currently offers equity perpetual contracts settled in stablecoins to offshore customers, with total trading volume reaching US$8 billion about six weeks after launch.
Ondo believes that perpetual contracts do not need to have a fixed settlement date to qualify as securities and futures products.
Following a coordination agreement reached between the SEC and the CFTC in March, the two regulators are studying how current regulations apply to blockchain-based derivatives and tokenized assets.
President Trump's remarks about legally introducing Hyperliquid into the United States have pushed the price of HYPE tokens up by more than 20%.
Ondo Finance has formally petitioned U.S. financial regulators to approve perpetual futures contracts for a single U.S. stock, claiming existing legislation provides an adequate legal basis for these instruments.
Ondo's regulatory proposal
Ondo requires the SEC and CFTC to classify stock perpetual futures as securities futures products under the current regulatory framework. The submitted letter of opinion covered product classification, collateral requirements and the integration of market data from blockchain sources.
Ondo's core position is that perpetual contracts should still be recognized as securities futures products even though they lack a predetermined expiration date. Traditional futures contracts settle at a specific time, while perpetual contracts use a continuous funding rate mechanism to maintain the price of the underlying stock.
Under this structure, when the price of the perpetual contract exceeds the value of the reference asset, the long position pays the short position; when the contract price is below the reference level, the flow of funds flows in the opposite direction. According to Ondo, this funds rate system serves the same economic purpose as traditional futures maturity mechanisms.
The company's Panama-registered subsidiary currently offers these products to qualified international users outside U.S. jurisdiction. The platform uses stablecoins for settlement. About six weeks after its launch in the market, the total transaction volume has reached US$8 billion as of August 14.
Background of the Regulatory Framework
In March this year, the SEC and the CFTC signed a memorandum of understanding to establish a coordinated regulatory mechanism for cross-jurisdictional areas. Securities futures fall into this shared area because the SEC regulates securities markets and the CFTC manages the U.S. futures exchange.
Ondo is not the only institution seeking this regulatory path. The Hyperliquid Policy Center submitted a similar document on August 24. The filing states that Hyperliquid's equity sustainability product has achieved nominal total trading volume of more than $480 billion in its first 10 months.
In August, President Trump said CFTC Chairman Michael Selig was developing a framework to promote Hyperliquid's compliant operations in the United States. Affected by this comment, the price of HYPE token has soared by more than 20%, rising nearly 49% in the past month, and is currently trading at approximately US$81.
Ashley Ebersole, former SEC counsel, estimates that establishing a U.S. regulatory framework for blockchain-based perpetual contracts could take 10 to 12 months if regulators advance through a formal rulemaking process, but the timetable could be shortened if regulators directly apply existing legal authority.
Earlier this week, the SEC also separately proposed amending its transfer agent regulations to accommodate blockchain-based ledger maintenance and tokenization securities instruments.
Ondo ranks fourth among tokenized real-world asset management platforms with a distributed value of approximately US$2.6 billion.
