"""

Ondo argues the current framework is enough

Ondo Finance said in three comment letters sent to the SEC and CFTC on Aug. 24 that single-stock perpetual futures could operate in the U.S. without a new regulatory regime. The company said the existing securities futures framework, together with modern collateralization methods and on-chain market data, is capable of accommodating these products.

Ondo noted that a significant share of these products is tied to shares primarily traded on U.S. exchanges. It said bringing that activity back to the U.S. from offshore markets is a matter regulators should actively address, both for market surveillance and for local competition.

Key arguments in the letters

  • According to Ondo, scheduled funding payments in perpetual contracts keep prices close to the underlying stock, creating a balancing mechanism similar to the expiration effect in traditional futures.
  • The company also argued there is no clear requirement in the definition of a securities futures product that contracts must have a fixed expiration date.

Offshore product reaches $8 billion in volume

Ondo said its Panama-based affiliate offers perpetual contracts outside the U.S. that are linked to U.S.-listed single stocks and settled in stablecoins. The company said the platform had reached $8 billion in cumulative trading volume as of Aug. 14, about six weeks after launch.

RWA.xyz data shows the company ranks fourth among tokenized real-world asset managers by value distributed. As of Wednesday, that figure was estimated at about $2.6 billion.

U.S. push for on-chain product rules gains speed

Ondo’s move comes as U.S. regulators are reassessing how existing market rules apply to on-chain products. In March, the SEC and CFTC signed a memorandum of understanding to align oversight in areas where their jurisdictions overlap.

On Tuesday, the SEC proposed updating its decades-old transfer agent framework, citing rising demand for blockchain-based recordkeeping systems and tokenized securities. In August, President Donald Trump also said CFTC Chair Michael Selig was working to bring Hyperliquid into a U.S.-compliant legal framework, though neither the CFTC nor Hyperliquid provided details on how U.S. access would work.

Regulatory talk has also fed into market pricing. According to CoinGecko data, Hyperliquid’s native token HYPE jumped more than 20% after those remarks and rose roughly 49% over the past month, trading around $81 on Wednesday.

"""