Ondo urges SEC, CFTC to bring US stock perpetuals onshore

This is a notable regulatory lobbying move because it directly targets the jurisdictional gap where crypto-style perpetuals meet traditional equity markets. If the SEC and CFTC agree, it could shift a significant slice of offshore derivatives volume into US-regulated venues, affecting both exchanges and market makers. The key question is whether the agencies will treat these as securities or commodities, which will determine enforcement and product structure. Watch for any joint guidance or rulemaking signals from either agency.