CRO Issuer Crypto.com's Nadex Wins SEC Registration for Single-Stock Futures

SEC Clears Nadex for Stock Futures

The Securities and Exchange Commission on Sept. 16 acknowledged the Form 1-N registration filed by North American Derivatives Exchange (Nadex), the futures exchange owned by Crypto.com — the company behind the CRO token that powers the Cronos chain. Under Section 6(g) of the Securities Exchange Act, a CFTC-regulated board of trade may register “solely for the purposes of trading security futures products” by submitting a written notice, and that registration “becomes effective contemporaneously with the submission.” In practical terms, Nadex became a registered national securities exchange for stock futures the moment it filed on Sept. 14 — no commission vote, no waiting period. The SEC release confirms only that staff in its Division of Trading and Markets reviewed the notice for completeness and proper form; it names no product. Security futures occupy a hybrid regulatory position: the underlying asset is a security, but the contract itself is a futures instrument, so both the SEC and the Commodity Futures Trading Commission hold authority. Nadex already operates as a CFTC-designated contract market and clearing organization, and it routes trading through OG.com, the trader-focused venue Crypto.com is spinning off as an independent company.

Single-Stock Perps Need Both Regulators

Kris Marszalek, Crypto.com’s co-founder and chief executive, confirmed the milestone in a post on X on Wednesday evening, writing that the filing covered the company’s futures exchange through OG.com and that “we are now authorized to bring single-stock futures to the market.” The registration clears the first regulatory hurdle, but the product Marszalek ultimately wants — perpetual futures on individual US stocks, a format native to crypto derivatives that keeps positions open indefinitely and pins price to spot through a funding-rate mechanism rather than a fixed expiry, as our guide to futures trading explains — requires sign-off from both the SEC and the CFTC. On that front he named no launch date, no underlying stocks and no leverage limits, and the SEC’s acknowledgment is silent on perpetuals. The exchange’s credentials run long: the CFTC registry shows Nadex was designated a contract market in 2004 as HedgeStreet, was acquired by Foris DAX Markets in March 2022 and now does business under the Crypto.com name, while a September 2025 amendment authorized margined futures cleared on an intermediated basis by registered futures commission merchants.

Coinbase and Robinhood Race In

Crypto.com is not alone in this push. Coinbase Derivatives filed its own Form 1-N on Sept. 1, which the SEC acknowledged a week later on Sept. 8 — a step toward listing perpetual futures on individual stocks that likewise requires CFTC approval. The broader land-grab for traditional-market exposure on crypto venues has been building all year: Coinbase launched stock perpetuals for non-US users in March and rolled out regulated crypto futures alongside 24/5 cash-equity trading in the US in February, while Kraken is working with the London Stock Exchange toward overnight sessions for tokenized UK stocks in 2027. Robinhood has moved furthest, from tokenized shares with voting rights to integrated equity and crypto trading inside a single app. The connections to OG.com specifically are already live: Robinhood began routing football event contracts to the venue this month and agreed to take equity stakes in both Crypto.com and OG.com once the spin-off completes, deepening the tie-up that lifted CRO to a weekly high earlier this cycle. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

CRO Ecosystem’s TradFi Bridge Widens

The arc here is consolidation: crypto exchanges are rebuilding the full brokerage stack around their tokens, and the filing COINOTAG reviewed makes the mechanics explicit — registration took effect upon submission and names no product, meaning the single-stock futures language is Crypto.com’s own description of what it intends to list. For Cronos holders, the parent company’s push into US-regulated equities and derivatives extends the utility case for the layer 1 network’s native asset at a moment when the platform is backed by fresh institutional capital. The faster OG.com converts registration into listed products, the more tradable the CRO ecosystem’s traditional-finance bridge becomes.