Crypto.com has moved its U.S. derivatives business closer to single-stock futures after North American Derivatives Exchange filed a Form 1-N with the SEC on Sept. 14, with the notice registration becoming effective that same day.
- Crypto.com’s Nadex registration became effective September 14, allowing the exchange to trade security futures products.
- Nadex remains separately regulated by the CFTC as a designated contract market and clearing organization.
- Crypto.com says it is working with both regulators on U.S. single-stock perpetual futures products now.
- The SEC notice registration does not itself approve any specific single-stock futures contract for trading.
- Coinbase, Kalshi, Bitnomial, and CME have pursued similar security-futures registrations or product launches during 2026.
The SEC notice says Nadex registered as a national securities exchange solely for trading security futures products under Section 6(g) of the Securities Exchange Act, while the regulator formally acknowledged receipt of the filing on Sept. 16.
The distinction is important to the factual status of the rollout. Under the SEC’s own rules, Form 1-N is a notice registration, not a conventional application requiring the Commission to approve the exchange through an affirmative vote. The SEC previously explained that the filing does not require it to make a specific determination that every exchange rule or proposed product complies with the Exchange Act.
Nadex registration opens the security-futures route
Nadex filed under its legal name, North American Derivatives Exchange, Inc., doing business as Crypto.com Derivatives North America. Its 515-page Form 1-N identifies the Chicago-based exchange as an existing CFTC designated contract market seeking SEC notice registration for security futures.
Registration under Section 6(g) is available to a CFTC-designated contract market that limits its securities activity to security futures and certain permitted futures or options products. The SEC states that registration becomes effective at the same time the Form 1-N notice is submitted, which puts Nadex’s effective registration date at Sept. 14 rather than the Sept. 16 acknowledgement date.
Nadex already operates under CFTC oversight. The regulator’s current records list the exchange as a designated contract market dating to 2004, while its clearing arm is registered as a derivatives clearing organization permitted to clear margined futures and fully collateralized derivatives.
The filing says direct security-futures access will be restricted to qualified exchange members. Firms carrying customer accounts for the products must be registered futures commission merchants and SEC-registered broker-dealers, while some market makers can connect through approved clearing members.
Orders will run through a fully electronic matching system using price-and-time priority. The exchange plans to accept market and limit orders, with clearing taking place through qualified members connected to a registered clearing agency.
Crypto.com filing names 10 proposed stock futures
The Form 1-N contains considerably more detail than the SEC’s two-page acknowledgement. Exhibit I says Crypto.com Derivatives North America plans cash-settled futures on individual equities and may later include exchange-traded funds.
Its initial schedule names 10 proposed reference securities: Apple, Advanced Micro Devices, Amazon, Alphabet, Meta Platforms, Microsoft, Micron Technology, Nvidia, Tesla and SpaceX. Nine are publicly traded companies, while SpaceX remains privately held.
The filing does not say all 10 products are currently trading. It states that Nadex plans to submit listing standards, terms and conditions under Section 19(b)(7) of the Exchange Act before listing the security futures.
A separate operational exhibit says the exchange expects to charge $0.10 for each one-share security-futures contract. Nadex may impose other regulatory, data, connectivity and related fees on qualified members.
Trading hours have not been fixed uniformly for the proposed stock products. The filing says Nadex operates some fully collateralized and margined products around the clock when reliable underlying-market pricing is available, while individual security futures will follow trading hours specified in their own product filings.
One filing detail appears dated. Nadex wrote that it intended to launch security futures on Sept. 9, five days before Form 1-N was submitted on Sept. 14. No later public Nadex announcement reviewed for this report confirmed that the proposed stock contracts began trading on Sept. 9.
A search of the CFTC’s current security-futures product database did not surface a Nadex certification for the ten contracts listed in Exhibit I. The database does show security-futures certifications from CME during June and July, including contracts on Apple, Amazon, Nvidia, Tesla and other stocks.
U.S. stock perpetuals remain a separate plan
Crypto.com CEO Kris Marszalek said after the SEC acknowledgement that the company is working with both the SEC and CFTC on perpetual futures tied to individual U.S. stocks.
“We are working with the SEC and the CFTC to offer single-stock perps in the U.S.,” Marszalek wrote, adding that the company wants to combine digital-asset market structures with U.S. capital markets. His statement describes work with regulators, not an approved perpetual-futures launch.
Perpetual futures do not have the fixed expiration dates used by conventional futures. Funding mechanisms are commonly used to keep their prices near the value of the underlying reference asset.
Stock-linked perpetuals raise an additional regulatory question because products based on individual securities fall within the joint SEC-CFTC security-futures framework. Crypto.com has not disclosed proposed leverage, funding-rate rules, supported stocks or a launch date for its planned perpetual contracts.
Coinbase has taken a similar path. As Coinbase stock perpetual filing coverage reported, Coinbase Derivatives filed its own Form 1-N while Coinbase Financial Markets submitted a related broker-dealer notice as the company works toward U.S. single-stock perpetuals. The filings did not identify a launch date or leverage limits.
Kalshi has gone further in crypto perpetuals and has separately discussed equity-linked products. In Kalshi stock perpetual plans coverage, the company was reported to be preparing around 60 perpetual futures tied to stocks and ETFs, including Tesla, Apple and Nvidia. Those proposed equity contracts had not received final approval at the time of that report.
CME entered the single-stock futures market through traditional dated contracts earlier in 2026. CFTC records show certified products tied to companies including Apple, Amazon, Meta, Microsoft, Nvidia and Tesla, providing an existing regulated U.S. reference point for the product category Nadex plans to enter.
OG.com now owns the Nadex exchange entity
Nadex’s SEC filing shows a corporate structure that changed earlier this year. Exhibit F states that OG Markets US, Inc. acquired 100% ownership of Crypto.com Derivatives North America on June 15, while the exchange’s day-to-day operations remain under its own management team.
The filing describes Nadex as operating two brands for its CFTC-regulated business: Crypto.com Derivatives North America and OG.com. OG Markets US is identified as Nadex’s direct parent.
OG.com later described itself as an independent company following a strategic spin-off from Crypto.com. In a Sept. 8 release, the company said a Citadel Securities investment valued OG.com at $5 billion as part of a wider Crypto.com transaction.
Robinhood agreed under the same announcement to route part of its U.S. prediction-market volume through OG.com’s regulated exchange and clearing infrastructure and to take equity stakes in both OG.com and Crypto.com. The first OG-backed event contracts on Robinhood began rolling out Sept. 8.
For the proposed stock futures, Nadex still must file the product-level listing standards and terms referenced in its Form 1-N. Crypto.com has not announced when the first of the 10 named cash-settled contracts will begin trading, and Marszalek’s proposed single-stock perpetuals remain under discussion with the SEC and CFTC.
