Crypto.com has taken another step toward offering stock-linked derivatives in the U.S. after North American Derivatives Exchange, which does business as Crypto.com Derivatives North America, filed a Form 1-N with the Securities and Exchange Commission on Sept. 14. Under the SEC’s rules for this type of notice registration, the filing became effective the same day it was submitted.
The move gives Nadex a route to operate in security futures alongside its existing Commodity Futures Trading Commission status, but it does not mean any individual stock-futures contract has been cleared for trading yet. Product-specific terms and listing standards still have to be filed before launch.
Registration adds SEC status to Nadex’s existing CFTC oversight
The 515-page filing identifies the Chicago-based exchange as an existing CFTC-designated contract market seeking SEC notice registration under Section 6(g) of the Exchange Act. That framework is available to designated contract markets whose securities activity is limited to security futures and certain related products.
Nadex already appears in CFTC records as a designated contract market dating back to 2004, and its clearing arm is registered as a derivatives clearing organization. According to the filing, direct access to security futures will be limited to qualified exchange members, while firms that carry customer accounts for those products must be both futures commission merchants and SEC-registered broker-dealers.
The exchange said orders would be handled through a fully electronic matching system using price-and-time priority. It plans to accept market and limit orders, with clearing routed through qualified members connected to a registered clearing agency.
Filing outlines 10 proposed single-stock futures
Exhibit I to the filing lays out plans for cash-settled futures tied to individual equities, with the possibility of adding exchange-traded funds later. The initial list names Apple, Advanced Micro Devices, Amazon, Alphabet, Meta Platforms, Microsoft, Micron Technology, Nvidia, Tesla and SpaceX as reference securities.
The filing does not say those contracts are already live. Instead, Nadex says it plans to submit listing standards and detailed terms and conditions under Section 19(b)(7) before listing any security futures. An operational exhibit says the exchange expects to charge $0.10 per one-share security-futures contract, with potential additional regulatory, data and connectivity fees for qualified members.
Trading hours are also not uniform yet. The filing says some Nadex products run around the clock when dependable pricing is available, but any individual security future would follow the hours set out in its own product filing.
Open questions remain around timing and product rollout
One detail in the filing appears out of date. Nadex wrote that it intended to launch security futures on Sept. 9, even though the Form 1-N was not submitted until Sept. 14. No later public Nadex announcement cited in the report confirmed that any of the proposed stock futures began trading on that earlier date.
A search of the CFTC’s current security-futures product database also did not show a Nadex certification for the 10 contracts named in Exhibit I. The same database does include CME certifications from June and July for several overlapping names, including Apple, Amazon, Nvidia and Tesla.
That leaves Nadex with effective SEC notice registration in place, but without public confirmation that any of its proposed stock futures have actually launched.
Perpetual stock futures are still only a separate plan
Crypto.com CEO Kris Marszalek said after the SEC acknowledgement that the company is working with both the SEC and the CFTC on perpetual futures tied to individual U.S. stocks. His statement described ongoing discussions with regulators rather than an approved product launch.
Perpetual futures differ from standard futures because they do not expire on a fixed date and typically rely on funding mechanisms to keep prices close to the underlying asset. In the case of contracts linked to individual securities, they also raise regulatory issues under the joint SEC-CFTC framework for security futures.
Crypto.com has not disclosed proposed leverage, funding-rate rules, supported stocks or a launch timetable for those planned perpetuals. Similar efforts have also emerged elsewhere in 2026, with Coinbase pursuing related filings, Kalshi discussing equity-linked perpetual products, and CME already bringing dated single-stock futures to market.
Ownership changed earlier this year; next step is product-specific filings
The SEC filing also reflects a corporate change at Nadex. Exhibit F says OG Markets US acquired 100% ownership of Crypto.com Derivatives North America on June 15, while the exchange continued to operate under its own management team.
The filing says Nadex’s CFTC-regulated business operates under the Crypto.com Derivatives North America and OG.com brands, with OG Markets US listed as the direct parent. OG.com has since described itself as an independent company after a strategic spin-off from Crypto.com.
For now, the confirmed next step is narrower than the broader ambitions around stock-linked derivatives. Nadex still has to submit product-level listing standards and terms for the contracts referenced in its Form 1-N, and Crypto.com has not said when any of the 10 proposed cash-settled stock futures will begin trading.
Source: crypto.news