Crypto.com’s single-stock futures registration in the United States arrived as a 515-page notice filing that names 10 reference securities and not one perpetual contract. That gap — between what was lodged and what the company says it wants to sell — is the story. The product being briefed to markets, 24/7 perpetual futures on individual US stocks, has been approved by neither agency whose joint sign-off it would need — and the registration that did clear required no agency vote at all.
North American Derivatives Exchange, Inc. (Nadex), the Crypto.com group venue that also trades as OG.com, filed Form 1-N with the Securities and Exchange Commission on September 14, 2026. The Commission acknowledged receipt on September 16 in a release confirming the registration “becomes effective contemporaneously with the submission of the written notice on Form 1-N”, as Unchained reported. Form 1-N is the Section 6(g) notice by which an exchange already holding a Commodity Futures Trading Commission (CFTC) Designated Contract Market (DCM) designation registers with the SEC solely for security futures products. There is no vote, no comment file and no finding that the venue’s rules satisfy the Exchange Act. Nadex has held its DCM designation since 2004, when it traded as HedgeStreet, and is also a registered Derivatives Clearing Organization (DCO) — the first venue in this reopened channel that can clear its own security futures rather than rent the function. Per crypto.news, the filing proposes 10 underlyings — Apple, Advanced Micro Devices, Amazon, Alphabet, Meta Platforms, Microsoft, Micron Technology, Nvidia, Tesla and SpaceX — at a fee of $0.10 per one-share contract. Contract terms and listing standards must still be filed separately before anything trades.
Distribution was wired before the product existed
The sequencing is what separates this filing from the one before it. Nadex is the second Form 1-N in 13 days: Coinbase Derivatives lodged its own on September 1 and was acknowledged on September 8, as covered when Coinbase filed for equity perps in a channel CME reopened in July. CME Group had already restarted the instrument itself, listing 55 standard and 22 micro single-stock futures on July 27, 2026. But CME built a product and then looked for flow. Crypto.com did the reverse. On September 8 — six days before the Form 1-N — Robinhood named OG.com its infrastructure and clearing provider for prediction markets and took minority equity in both OG.com and Crypto.com Group, priced against the $20 billion valuation set when Citadel Securities put $400m into Crypto.com. The retail pipe into Nadex was plumbed before the equity contract it is meant to carry had a rulebook.
“We are working with the SEC and the CFTC to offer single-stock perps in the U.S., which will combine the innovations of the digital asset markets with the U.S. capital markets,” Kris Marszalek, Chief Executive Officer at Crypto.com, said, according to The Block. Nothing in the registration advances that. The CFTC’s perpetual contracts policy statement of May 29, 2026 named bitcoin as the only underlying covered by its accompanying order and reserved every other asset class for case-by-case review under Regulation 40.3. Equities were not addressed. The Blockchain Association filed comments on August 25 arguing the security futures structure should become the template for equity perpetuals — an argument that concedes no such template exists.
Why the channel was empty in the first place
Security futures are a joint SEC-CFTC instrument created by the Commodity Futures Modernization Act of 2000, and their commercial record is poor. OneChicago, the venue built for them, traded roughly 3 million contracts across its final nine months and shut on September 18, 2020, per John Lothian News, with the CFTC vacating its DCM status that December. The channel then sat unused for nearly six years. Its statutory definition turns on future delivery on a date certain, the one feature a perpetual removes — the same classification problem flagged here when US crypto perps went live before the swap definition was fixed, and the reason the SEC-CFTC memorandum of understanding matters less than a rule would.
For brokers, futures commission merchants and clearing firms, the decision point is not the registration but the Regulation 40.3 submission carrying a funding-rate methodology, a mark for a 24/7 contract on an underlying that prints 24/5, position limits and margin. SpaceX sitting in that list alongside Nvidia shows the reference-price question is not theoretical. Expect the product filing, not the notice, to set the market structure — and expect it to arrive at the CFTC first.
This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem. He covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody, and the bridge between crypto and forex—broker technology, liquidity, and macro drivers. Karthik’s writing focuses on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside FX market realities.
