OG.com seeks approval for US single-stock perpetual futures

OG.com Markets is seeking US regulatory approval to offer perpetual futures tied to individual stocks. In a Thursday filing with the Commodity Futures Trading Commission, OG.com proposed rules for cash-settled contracts that would never expire. The contracts could trade 24 hours a day, five days a week. OG.com was recently spun out of Crypto.com. The platform is valued at $5 billion. CEO Kris Marszalek said OG.com planned to expand beyond prediction markets into futures and perpetual contracts. Robinhood took an equity stake in OG.com under a multi-year deal to use its CFTC-regulated derivatives exchange and clearinghouse for prediction markets. Coinbase, Payward through its Bitnomial exchange, and Kalshi filed on Sept. 18 to offer perpetual futures tied to individual US stocks. Payward is the parent of Kraken. The CLARITY Act failed to advance in the Senate on Sept. 15. The SEC and CFTC pushed ahead with crypto initiatives despite that failure. The SEC cleared limited onchain trading of tokenized US stocks under its Innovation Exemption. The CFTC expanded regulatory relief for software providers connecting users to regulated derivatives platforms. The CFTC established a case-by-case review process for perpetual contracts in May. The agency approved Kalshi's Bitcoin perpetual futures product. In June, the CFTC granted temporary relief allowing certain registered exchanges to convert existing crypto futures into contracts without expiration dates. BitMEX pioneered perpetual futures in crypto in 2016.