Crypto.com CEO Kris Marszalek announced Thursday that the US Securities and Exchange Commission (SEC) has cleared OG.com to offer single-stock perpetual futures. The clearance comes as other exchanges push into similar territory, and the timing puts OG.com in a direct lane with Coinbase and Kraken.
Marszalek’s Announcement
Marszalek posted the news on X on Thursday, confirming that the SEC had acknowledged OG.com’s 1-N filing. That filing registered OG.com as a national securities exchange for trading futures products. The SEC’s action authorizes the platform to list single-stock futures in the United States.
OG.com operates as a sister exchange to Crypto.com. Its legal entity, the North American Derivatives Exchange, filed the Form 1-N with the SEC on Monday. The filing was the vehicle through which OG.com sought registration as a national securities exchange.
What Single-Stock Perpetual Futures Are
Single-stock perpetual futures are contracts that allow traders to bet on the movement of individual shares without owning the underlying stock. The “perpetual” part means the contract runs continuously, unlike traditional futures that expire at a set date.
The SEC’s clearance of OG.com means the exchange can now offer these instruments to US customers. The authorization is notable because it comes from the SEC.
Coinbase’s Precedent
Coinbase already offers stock perpetual futures for non-US traders. The exchange launched that service in March, following access to regulated crypto futures and 24/5 cash equities in the US, which launched in February.
Coinbase’s move established the template for how a major exchange could bring crypto-style trading to traditional assets. The company has been aggressive about expanding beyond pure crypto into regulated financial products, and the stock futures were a key step in that direction.
Kraken’s Tokenized UK Stocks
Kraken reportedly partnered with the London Stock Exchange in September to launch tokenized UK stocks. The tokenized shares will trade with 24/5 availability on the stock market operator’s night-time trading venue, starting in 2027.
The partnership brings a different approach to the same problem. Instead of offering derivatives, Kraken is tokenizing actual shares of UK companies.
| Exchange | Product Type | Status |
|---|---|---|
| OG.com | Single-stock perpetual futures | Cleared by SEC |
| Coinbase | Stock perpetual futures | Live for non-US traders |
| Kraken | Tokenized UK stocks | Partnership announced |
The SEC’s Role
The SEC’s clearance of OG.com is significant because it shows the agency is willing to authorize new trading structures. The SEC’s acknowledgment of OG.com’s 1-N filing means the platform has met the regulatory requirements to operate as a national securities exchange. That is a meaningful milestone for any exchange hoping to operate in the US.
Working With Regulators
Marszalek said the company is working with the securities regulator and the Commodity Futures Trading Commission (CFTC) to offer single-stock perps that combine the “innovations of the digital asset markets with the US capital markets.”
That collaboration is important. The fact that OG.com is engaging with both suggests the company is building an offering that fits within existing regulatory frameworks.
What This Means for Traders
Traders looking for exposure to individual stocks now have more options. Coinbase’s futures give non-US traders access, while Kraken’s tokenized shares represent a different approach to investing in UK companies. OG.com’s futures add a third path, one that sits squarely within the SEC’s regulatory framework.
The three approaches cover different bases. OG.com’s futures are contracts betting on price movement. Kraken’s tokenized shares are actual equity.
The Big Picture
The SEC’s clearance of OG.com is a win for the exchange’s position. It also signals that the SEC is open to innovation in derivatives, even in the heavily regulated world of US securities.
The comparison between the three exchanges is instructive. Coinbase moved first into stock futures, Kraken took a different path with tokenization, and OG.com is now authorized to offer its own version of the same derivative.
- Coinbase launched stock perpetual futures for non-US traders in March
- Kraken partnered with the London Stock Exchange in September to tokenize UK stocks
- OG.com received clearance from the SEC to offer single-stock futures, according to Marszalek’s announcement
Each approach reflects a different strategy. Coinbase went straight for derivatives. Kraken chose tokenization. OG.com is now positioned to offer its own version of the single-stock future.
Where the paper stands
The paper backs the SEC’s clearance of OG.com’s 1-N filing for single-stock perpetual futures, but is against any broader licensing regime that would raise the compliance costs that only the largest exchanges could afford. The clearance is a win for OG.com, which now has SEC authorization to list these instruments in the United States. The paper supports narrow rules against direct harm, such as requiring companies to disclose safety failures they hid, and opposes broad rules that hand the market to the incumbents.
A federal licensing regime for exchanges would act as a moat, not a safeguard. Only the largest firms could afford the licensing fees and ongoing compliance costs, locking smaller exchanges out of the market. The paper’s opposition to broad new rulebooks applies here: regulation usually protects the biggest players and raises the cost of entry for small ones. The clearance of OG.com’s filing should stand as an example of the SEC acting narrowly on a specific application, rather than opening a door that only giants can walk through.
The reader should watch whether the SEC’s approach to OG.com remains narrow and focused on the specific product at hand, rather than becoming a precedent for broader licensing demands. The paper would want the SEC to continue clearing applications like this one on their merits, without building a regime that freezes today’s leaders in place and locks out whoever would have challenged them.
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