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ETH Ondo Finance has submitted three formal comment letters to the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), calling for a modern regulatory framework to cover issues such as perpetual contracts, portfolio margins, and data reporting for on-chain markets.
Results-oriented rather than adhering to the familiarization model
Ondo's core thesis is that the existing legal system can already accommodate on-chain markets, provided that regulators shift their focus to functional outcomes, rather than default to a "familiarization model" approach-that is, embedding new technologies into traditional structures. The company believes that forcibly cramming on-chain products into the framework designed for traditional trading venues will not only fail to bring substantial investor protection, but will instead create unnecessary friction.
In terms of market data, Ondo pointed out that on-chain verification could serve as a structural alternative to ex post facto reporting requirements. Because transactions are recorded in real time on public ledgers, the company believes that mandatory post-transaction reporting required by traditional trading venues has become largely redundant.
Perpetual contract platform has been put into operation
These comment letters are accompanied by products that are already in operation as supporting evidence. The Ondo Perps platform was launched in July 2026, allowing non-U.S. traders to use tokenized assets (rather than stablecoins) as margin. Ian De Bode, president of Ondo Finance, said this is "the first time that a licensable equity-free perpetual contract platform has been built with the necessary infrastructure to unleash liquidity, speed and capital efficiency comparable to traditional derivatives markets." The platform offers up to 20 times leverage on stocks, indices and commodities, including tokenized versions of major targets such as NVDA, TSLA and AAPL.
In addition to accepting stablecoins, the platform also accepts tokenized real-world assets as collateral, which means that traders who already hold tokenized stocks can directly use this as margin without having to raise stablecoins separately. Spot and perpetual contract positions can be managed on the same platform, allowing traders to hedge without having to transfer funds across multiple venues.
By citing the Ethereum 0xfaba6f8e4a5e8ab82f62fe7c39859 fa577269 be3 perpetual contract in regulatory filings, Ondo makes a practical argument: On-chain infrastructure can meet regulatory goals through transparency and programmable settlements, rather than relying on compliance mechanisms copied from traditional finance.
Regulatory Critical Points
The submission of these comment letters coincides with a critical moment for crypto derivatives policy. The U.S. Commodity Futures Trading Commission adopted three coordinated actions on May 29, 2026, establishing the first affirmative U.S. regulatory framework for perpetual contracts for crypto assets. Historically, perpetual contracts have been mainly offered in offshore trading venues, in part because of domestic regulatory uncertainty, while the U.S. Commodity Futures Trading Commission's recent actions reflect efforts to bring these products onshore while clarifying their regulatory classification.
Ondo's comment letter represents a more detailed industry-led attempt to influence the specific way the framework is formed. The company used a running on-chain platform to demonstrate that regulators do not have to make a trade-off between innovation and regulation.
