Crypto.com's Nadex subsidiary has completed its SEC registration to trade securities futures products through OG.com, marking the successful completion of the company's U.S. derivatives expansion strategy. The North American Derivatives Exchange filed a Form 1-N on September 14 with the Securities and Exchange Commission, with the registration taking immediate effect after the SEC acknowledged receipt on September 16. According to reports from TradingView News, CEO Kris Marszalek announced the milestone on September 17, framing it as a step toward bringing single-stock perpetual contracts to the US market in coordination with both the SEC and the CFTC. The registration allows Nadex to trade security futures products under Section 6(g) of the Securities Exchange Act, though it remains separately regulated by the Commodity Futures Trading Commission as a designated contract market and clearing organization. As reported by Crypto.com CEO Kris Marszalek, the approval authorizes the company to bring single-stock futures to the U.S. market.
The regulatory approval comes as perpetual futures tied to real-world assets generated approximately $347 billion in trading volume in May 2026, according to CoinGecko data. This represents a dramatic increase from $34 billion in monthly tokenized-equity perpetual volume across exchanges, which is almost 40 times its July 2025 level. While this remains small relative to underlying traditional equity markets - CoinGecko puts tokenized-equity activity at less than 1% of traditional stock-market volume - the direction matters significantly for established financial institutions. As reported by FinanceFeeds, Hong Yea, Co-Founder and CEO of crypto exchange GRVT, noted that crypto-native traders want one margin account for everything and one account, one currency, one risk system, all assets. The convergence is already visible in user behavior, with 918 unique accounts trading non-crypto instruments on GRVT in August 2026, including 673 accounts that also traded crypto during the same month.
The timing of Nadex's SEC registration coincides with significant regulatory developments in U.S. stock trading hours. On the same day as the Crypto.com development emerged, the SEC held a six-hour roundtable specifically devoted to preparations for 24-hour U.S. stock trading. Regulators and market participants discussed overnight liquidity, surveillance, settlement, cybersecurity and what would eventually be required to move even further toward 24/7 trading. This regulatory engagement highlights the growing interest in always-on market structures, with the SEC acknowledging that these products are synthetic derivatives without share ownership. The roundtable signaled growing crypto-driven adoption of always-on markets despite regulatory and liquidity risks, making Crypto.com's push part of something larger than one exchange launching another derivative. 24/7 markets matter most for event-driven exposure, as traders can act on earnings, geopolitical news, and crypto-market events at 3am on a Sunday, according to industry experts.
The completion of SEC registration authorizes OG.com, Nadex's affiliated trading platform, to list single-stock futures for US market participants following the successful registration completion. According to reports, OG.com recently spun off as an independent trading platform before the SEC filing was submitted, giving it operational independence for the new futures offerings. The exchange plans to implement $0.10 per share for security-futures contracts, with additional regulatory, data, connectivity and related fees for qualified members. Direct security-futures access will be restricted to qualified exchange members, including firms carrying customer accounts that must be registered futures commission merchants and SEC-registered broker-dealers. Market makers can connect through approved clearing members, with orders processed through a fully electronic matching system using price-and-time priority.
Perpetual futures offer structural advantages over traditional CFDs that serve similar customer needs for leveraged directional exposure without owning the underlying asset. According to FinanceFeeds analysis, perpetuals provide transparent funding rates rather than opaque overnight financing, on-chain settlement, no broker-dealer counterparty risk, and a global 24/7 market that doesn't fragment by jurisdiction. CFD brokers are the most directly threatened by this convergence, as perpetuals offer better products for the same customer base with tighter spreads and more transparent funding. Traditional stockbrokers face a slower-moving threat because equity perps don't provide share ownership, but the value proposition is compelling for the leveraged-trading demographic that drives disproportionate share of retail broker revenue. The competitive threat extends beyond specific companies to the high-margin, high-frequency trading revenue that migrates to venues with better market structure. As Konstantin Zaitcev, Co-CEO of P2P.org, noted, "The threat isn't that every stockbroker disappears, it's that the high-margin, high-frequency trading revenue migrates to venues with better market structure."
