Key points

  • Nadex filed Form 1-N on September 14, and the SEC acknowledged the registration on September 16.
  • The registration is limited to security futures and does not make Nadex a general-purpose securities exchange.
  • Crypto.com says it is separately working with the SEC and CFTC on single-stock perpetual futures, which are not yet authorized.

North American Derivatives Exchange, or Nadex, has registered with the U.S. Securities and Exchange Commission as a national securities exchange solely for trading security futures products. The filing gives the Crypto.com-linked venue a regulatory route to offer single-stock futures in the United States, but it does not authorize the separate stock perpetual-futures product the company is pursuing.

A narrow registration with immediate effect

The SEC said Nadex submitted Form 1-N on September 14, 2026, and the agency formally acknowledged receipt on September 16. Under Section 6(g) of the Securities Exchange Act, registration becomes effective when an eligible exchange submits the notice. This is a notice-based registration for a specific product category, not a broad approval to operate a conventional stock exchange.

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Eligibility depends on Nadex already being a board of trade designated as a contract market by the Commodity Futures Trading Commission. The exchange must also remain confined to security futures and certain authorized futures or options tied to exempted securities, groups or indexes. The SEC's acknowledgement therefore confirms that Nadex completed the statutory registration step; it does not endorse particular contracts or remove other listing, clearing and compliance obligations.

Security futures occupy an unusual part of U.S. market structure because they reference securities while trading as futures. That brings both the SEC and CFTC into the framework. Nadex's notice addresses the securities-exchange side of that structure, while its existing CFTC status supplies the contract-market foundation required by the Exchange Act.

Crypto.com links the filing to single-stock futures

The Block reported that Nadex operates through OG.com and forms part of Crypto.com's U.S. regulated derivatives business. Crypto.com chief executive Kris Marszalek said the registration authorizes the group to bring single-stock futures to the U.S. market. These contracts track the shares of one company and expire on a set date, combining equity exposure with the margining and settlement structure of a futures market.

For traders, the development could add another regulated channel for gaining leveraged or hedged exposure to individual U.S. shares. For brokers and market makers, it may create new execution and clearing relationships around products that sit under both securities and commodities oversight. The practical impact will depend on which contracts Nadex lists, their margin requirements, liquidity, fees and customer eligibility. Those details were not established by the SEC acknowledgement.

Perpetual futures are a separate proposal

Crypto.com is also discussing single-stock perpetual futures with the SEC and CFTC, according to Marszalek. Perpetual contracts do not have a fixed expiry and typically use recurring funding payments to keep their price close to an underlying reference. That structure does not map neatly onto U.S. rules written for expiring security futures, so the company's work with both regulators should not be confused with the completed Form 1-N registration.

The distinction matters because a registered venue can still need additional regulatory clearance before launching a particular product. Nadex's filing establishes its exchange status for security futures, while any perpetual offering remains prospective. The next evidence to watch will be contract specifications, regulator notices and an announced launch date. Until those appear, the confirmed development is the limited SEC registration and the resulting path toward conventional single-stock futures.

Sources

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