OG.com Files Fourth CFTC Application for Stock Perpetuals Born From Bitcoin (BTC)

OG.com's Fourth Perpetuals Bid

OG.com, the prediction-market and derivatives platform spun off from Crypto.com, filed a rules application with the Commodity Futures Trading Commission on Thursday, Sep. 24, to list perpetual futures on individual US equities — becoming the fourth applicant after Coinbase, Kalshi and Kraken parent Payward. The filing proposes cash-settled single-stock futures with no expiry date, tradable 24 hours a day from Monday through Friday, letting a trader hold a leveraged bet on Apple, an NVIDIA position, Amazon stock or Eli Lilly shares without a brokerage account. Perpetual futures were introduced by BitMEX in 2016 on Bitcoin, and a US Justice Department complaint described how the format keeps traders exposed without periodic contract rolls. Offshore crypto exchanges have run the structure for years, and many of them appear in our guide to the Best Crypto Exchanges. Coinbase filed first on Sep. 18; Payward's bid came through its Bitnomial exchange. OG.com already operates a CFTC-approved derivatives exchange and clearinghouse, so the filing simply extends its listable products from prediction events to single names. Valued at $5 billion at the spin-off, the platform counts Robinhood among its shareholders under a multi-year pact routing prediction-market products through its regulated infrastructure, and chief executive Kris Marszalek signaled from the start that futures and perpetuals were the planned expansion.

SEC Staff's Staking Receipt Answers

Parallel to the perps race, the Securities and Exchange Commission's Corporation Finance staff issued new FAQs on Sep. 25 that map how staking products fit the federal securities laws. The answers carry no legal force and were neither approved nor disapproved by the Commission; they say a staking receipt for a digital commodity can qualify as a “digital tool” when it merely proves ownership of the deposited asset — the holder keeps the underlying rights, gains no added financial benefit, and the issuer cannot transfer, lend, pledge or otherwise deploy the deposit, or expose it to the issuer's creditors. A receipt from a protocol-based liquid staking provider may instead be classified as a digital commodity when its value tracks a functional crypto network and market supply and demand. The staff also addressed tokens first sold inside investment contracts: once a network is functional, software upgrades, development funding and user-growth efforts do not, by themselves, count as the essential managerial work promised to buyers, so an issuer's pledge to keep providing them would not satisfy that element of the Howey test. Buybacks of a non-security token on a functional network receive the same treatment, though a pre-functionality buyback pitched as a source of yield could matter. Listing a token in the secondary market does not make a trading platform its promoter under Securities Act Rule 405.

CFTC Opens Tokenized Customer Funds

The Commodity Futures Trading Commission moved on its own flank the same day. Its Market Participants, Market Oversight and Clearing Risk divisions updated registrant FAQs on Sep. 24, adding answers on tokenized holdings of customer funds and on using distributed ledgers for recordkeeping. A new question, Q12, allows customer money to sit in tokenized forms of investments the rules already permit, provided the tokenized asset meets the rule's requirements and confers holders the same legal and economic rights as the traditional form. Questions Q13 through Q15 lay out how blockchain records can satisfy recordkeeping obligations. The update extends FAQ guidance first published Mar. 20 and supplements staff letters 25-39, on accepting crypto as margin, and 26-05. Chairman Michael Selig framed the refresh as part of a broader clarity effort: in a Sep. 22 speech at the Federal Reserve Bank of New York's Treasury market conference, he argued existing frameworks must be adjusted for blockchain and artificial intelligence deployed at scale, noted stablecoins became eligible margin collateral following the GENIUS Act — a Feb. 6 staff no-action letter had already added payment stablecoins issued by a national trust bank — and suggested crypto and precious metals such as silver may suit around-the-clock trading, while agricultural and energy products may not. The SEC's parallel Sep. 17 Innovation Exemption opened a path to on-chain trading of tokenized equities. Readers tracking the market in real time can follow live spot and futures prices on Binance.

Case-by-Case Path Without CLARITY

Taken together, the three moves show Washington assembling market structure in pieces while the CLARITY Act stalls — the Senate failed to advance the bill on Sep. 15. The documents differ in force: the OG.com application we reviewed is a proposal, listable only after CFTC approval, whereas the SEC FAQ text states explicitly that staff answers bind no one and change no federal law. Since May, the CFTC has approved Kalshi's Bitcoin perpetuals on a case-by-case basis and granted interim relief letting registered exchanges convert existing crypto futures into no-expiry contracts. Whether the four stock-perpetuals filings clear review quickly will show how far that piecemeal route reaches.