Crypto.com took a major step toward launching U.S. equity derivatives on September 14 after its regulated exchange subsidiary, North American Derivatives Exchange (Nadex), secured effective SEC Form 1-N notice registration. The filing enables Nadex to list security futures, laying the operational framework for Crypto.com stock futures covering 10 major reference assets including Apple, Nvidia, Tesla, and SpaceX. By leveraging Section 6(g) of the Securities Exchange Act, Crypto.com bypasses conventional full-exchange application delays to establish a dual CFTC-SEC regulatory footprint for cash-settled single-stock derivatives.
The notice registration provides a expedited regulatory gateway for CFTC-regulated designated contract markets to expand into security futures products. Rather than awaiting discretionary Commission approvals, Form 1-N registration becomes effective immediately upon submission, giving Nadex an active securities exchange registration while product-level listing standards remain under final regulatory review.
Notice Registration Framework Streamlines Equity Futures Access
Operating under the legal entity North American Derivatives Exchange, Inc. (doing business as Crypto.com Derivatives North America), the Chicago-based exchange submitted a comprehensive 515-page Form 1-N filing. SEC records formally acknowledged receipt on September 16, confirming effective registration dating back to the September 14 submission date. This dual-registration status expands Nadex's existing CFTC license dating back to 2004.
Direct trading access will remain restricted to qualified exchange members, while retail order flow must route through registered futures commission merchants and SEC-licensed broker-dealers. Orders will clear electronically using price-and-time matching priority through registered clearing agencies. Operational disclosures specify an initial exchange clearing fee of $0.10 per one-share contract, establishing low-cost infrastructure for high-frequency security futures trading.
Regulatory boundaries require Nadex to submit individual listing standards and contract terms under Section 19(b)(7) prior to commencing active trading. This multi-layered filing requirement ensures that every stock derivative complies with federal investor protection rules before market opening.
Ten Initial Target Equities Highlight Single-Stock Product Schedule
Exhibit I of the SEC filing names 10 initial target equity reference assets: Apple, Advanced Micro Devices, Amazon, Alphabet, Meta Platforms, Microsoft, Micron Technology, Nvidia, Tesla, and SpaceX. Nine target publicly traded mega-cap technology firms, while SpaceX represents a unique proposed contract linked to a high-profile private aerospace entity.
The planned introduction of equity-linked derivatives reflects growing market demand for around-the-clock stock exposure using digital asset market structures. However, Nadex has not yet published final contract launch dates or confirmed CFTC product certifications for the 10 named equities, keeping initial rollout schedules dependent on final regulatory filings.
Competitive pressure in single-stock derivatives has intensified rapidly throughout 2026. Rival venues, including CME Group and retail prediction platforms, have actively certified stock-linked futures contracts. Institutional regulatory debates detailed in the CFTC chair's playbook for agency-led rules analyses highlight how joint SEC-CFTC oversight continues to shape equity derivatives innovation.
Why Crypto.com Stock Futures Target Single-Stock Perpetual Contracts
Crypto.com Chief Executive Officer Kris Marszalek confirmed following the SEC filing that the company is actively engaging both the SEC and CFTC to introduce single-stock perpetual futures in the United States. Unlike traditional fixed-expiry futures, perpetual contracts utilize periodic funding rate adjustments to anchor contract prices to spot market values, offering continuous leverage without contract rollover friction.
Developing regulated U.S. single-stock perpetuals requires navigating complex jurisdictional boundaries. Because individual stock derivatives fall under joint SEC and CFTC authority, establishing perpetual funding mechanics requires specialized regulatory approval. Crypto.com has not yet disclosed proposed leverage ratios, funding rate schedules, or specific launch timelines for its perpetual product suite.
Market developments across exchange venues indicate a broader industry push toward perpetual equity products. Major liquidity shifts occurring across spot and derivatives venues, similar to liquidity movements analyzed in Binance's USDC delistings updates, demonstrate how exchange operators adjust product listings to capture shifting derivative volumes.
Corporate Restructuring and Citadel Capital Strengthen Nadex Rails
Corporate ownership disclosures in the Form 1-N reveal a strategic corporate restructuring completed earlier this year. On June 15, OG Markets US acquired 100% ownership of Crypto.com Derivatives North America, operating the exchange under two distinct brand identities: Crypto.com Derivatives North America and OG.com.
On September 8, OG.com announced a major $5 billion corporate valuation following a strategic equity investment from Citadel Securities. Simultaneously, Robinhood agreed to route portion of its prediction market volume through OG.com exchange infrastructure while taking equity stakes in both OG.com and Crypto.com. This strategic backing provides Nadex with substantial liquidity support and institutional execution capabilities.
As derivatives trading mechanics evolve across spot and futures venues, institutional market participants closely monitor leverage and liquidity dynamics, echoing trading patterns observed in the divide between futures dip buying and spot flows research. Whether Nadex can successfully launch single-stock perpetuals will test the flexibility of joint SEC-CFTC regulatory oversight in modern capital markets.
The convergence of equities and crypto derivative structures marks a critical transition in institutional market structure. As domestic retail exchanges seek permissioned access to equity perpetuals, liquidity fragmentation across traditional and digital venues will force regulators to adapt existing oversight frameworks to meet continuous trading demand.
