TL;DR
- Ondo Finance filed three comment letters with the SEC and CFTC covering perpetual futures, portfolio margining, and market data reporting.
- The company argues that blockchain infrastructure can meet regulatory goals more directly.
- It also urges U.S. regulators to create a path for stock perpetuals to return onshore instead of remaining concentrated in offshore markets.
Ondo Finance has filed three comment letters with the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission, arguing that existing market rules can accommodate blockchain-based financial products without forcing them to copy legacy systems.
Ondo filed three comment letters with the SEC and CFTC on perpetual futures, portfolio margining, and market data reporting.
The letters address a shared problem across three different rules, each built for a market that no longer works the same way.
The rules should judge… pic.twitter.com/dzQvUhTITs
— Ondo Finance (@Ondo) September 2, 2026
Ondo’s Regulatory Case For Technology-Driven Markets
Published on September 2, the filings address perpetual futures product definitions, portfolio margining, and market data reporting. Although each letter focuses on a separate regulatory issue, Ondo advances the same principle across the submissions: regulators should evaluate whether a system achieves its intended purpose rather than require technology to reproduce older market structures.
That distinction matters for crypto markets, where public blockchains can transform trading, settlement, collateral, and reporting. Ondo argues that some traditional requirements reflect slower settlement processes and fragmented records, creating rules that may not fully account for the capabilities of modern blockchain infrastructure.
For perpetual futures, Ondo points to the difference between traditional futures and contracts that do not expire. Conventional futures rely on expiration to encourage convergence with the underlying asset. Perpetuals can instead use funding mechanisms and mark-to-market processes to maintain price alignment continuously. Ondo says existing security futures law already provides room for this approach.
Modern Infrastructure Could Reshape Risk And Data Rules
The portfolio margining filing focuses on how newer infrastructure can improve risk measurement and collateral management. Ondo argues that positions and collateral can be monitored and settled more frequently, allowing margin requirements to reflect actual exposures rather than assumptions built around older settlement cycles.
The data reporting letter makes a similar argument. Onchain transactions can produce a shared, verifiable record as part of the transaction itself. Ondo says regulators should be able to rely on that information instead of requiring a separate reporting structure to reconstruct activity already recorded on a blockchain.
The filings also make a broader U.S. market-access argument. Perpetual futures tied to U.S.-listed stocks largely trade through offshore venues. Ondo argues that regulators should actively create a compliant path for this activity to return to U.S. markets, improving domestic oversight while giving investors access to blockchain-based products within a regulated framework.
