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BTC 
ETH What is actually allowed in the SEC filing
Crypto.com's Nadex exchange filed Form 1-N with the U.S. Securities and Exchange Commission (SEC), and the registration became effective September 14. The document allows Nadex to trade securities and futures products, but has not yet approved any specific contracts. Nadex listed 10 stocks proposed for use in cash-settled futures in the filing, including Apple, Tesla and Nvidia. Kris Marszalek, CEO of Crypto.com, said the company is also working with regulators to develop single-share perpetual futures. Coinbase, Kalshi and CME are also promoting similar stock futures products in 2026.
Nadex's progress
Crypto.com's U.S. derivatives division has taken a new step in offering stock futures. The North American Derivatives Exchange (Nadex) filed Form 1-N with the U.S. Securities and Exchange Commission on September 14. The registration takes effect on the day it is submitted. The SEC formally confirmed receipt of the document two days later, on September 16. Nadex operates as Crypto.com Derivatives North America. The exchange is headquartered in Chicago and has been a contract market designated by the Commodity Futures Trading Commission (CFTC) since 2004.
Actual meaning of the SEC document
这份文件是一种通知注册，而不是需要SEC投票批准的全套申请。SEC表示，此类 filing 并不意味着它已经审查或批准了与该交易所相关的每一条规则或产品。Nadex继续由CFTC分别监管，既是合约市场也是清算机构。新的SEC注册增加了对证券期货的具体监督。对新产品的访问将受到限制。只有合格的交易所成员可以直接交易，处理客户账户的公司必须同时注册为期货佣金经纪人和经纪交易商。交易将通过按价格和时间匹配订单的电子系统进行。清算将通过连接到注册清算机构的成员进行。
文件中提到的10只股票
Form 1-N列出了10家公司作为现金结算期货合约的拟议参考证券。这些公司是苹果、先进微设备（AMD）、亚马逊、Alphabet、Meta Platforms、微软、美光科技、英伟达、特斯拉和SpaceX。其中九家公司是上市公司，而SpaceX是私营公司，因此它的加入显得与众不同。文件中并未说明这10个合约中的任何一个正在交易。在任何合约上线之前，Nadex仍需提交单独的上市标准和条款。文件中包含每份一份额合约0.10美元的拟议费用。此外，成员可能还需承担数据、连接性和监管成本等额外费用。Nadex在文件中指出，它计划于9月9日推出证券期货。然而，这个日期甚至早于Form 1-N的提交时间，且没有任何公开公告证实当时已经开始交易。检查CFTC的证券期货数据库并未显示Nadex命名的10个合约的认证。相比之下，CME早在6月和7月就已经对包括苹果、亚马逊、英伟达和特斯拉在内的股票进行了证券期货认证。
单股永续期货与其他交易所的动态
Crypto.com首席执行官Kris Marszalek单独表示，公司正在与SEC和CFTC就单股永续期货进行研究。他将此描述为持续的监管工作，而非即将推出的产品。永续期货不像标准期货合约那样到期。它们通常使用资金支付来保持其价格与基础股票价值接近。Marszalek尚未分享关于杠杆、资金费率或永续产品时间表的细节。由于这些合约将追踪个股，它们将与传统证券期货一样，处于SEC-CFTC的共同框架之下。其他交易所也在追求类似的路径。Coinbase Derivatives提交了自身的Form 1-N，而Kalshi讨论了与股票和基金（包括特斯拉和苹果）挂钩的约60份永续合约的计划。Nadex的母公司今年也易主。OG Markets US于6月15日获得对该交易所的完全所有权，而日常管理保持不变。作为母公司的另一个品牌，OG.com在9月8日宣布Citadel Securities投资后估值达到50亿美元。Robinhood也同意将该预测市场的交易量通过OG.com路由，作为该交易的一部分。目前，Nadex尚未宣布任何已命名股票期货合约的推出日期。
