What if Nvidia never closed? Crypto.com is pushing deeper into U.S. stock derivatives just as Wall Street regulators are debating how close the traditional market should move toward crypto’s always-on model. Crypto.com’s U.S.-regulated Nadex exchange has registered with the SEC to trade security futures products, with the registration effective Sept. 14. CEO Kris Marszalek says the company is also working with the SEC and CFTC to bring single-stock perpetual futures to U.S. traders. The distinction matters: the registration does not mean Nvidia perpetuals are already approved or available in the U.S. But the timing is hard to ignore. Wall Street Is Already Questioning the Closing Bell On the same day the Crypto.com development emerged, the SEC held a six-hour roundtable specifically devoted to preparations for 24-hour U.S. stock trading . Regulators and market participants discussed overnight liquidity, surveillance, settlement, cybersecurity and what would eventually be required to move even further toward 24/7 trading . That makes Crypto.com’s push part of something larger than one exchange launching another derivative. Crypto markets never close. Traditional U.S. equities still revolve around defined trading sessions, even though demand for overnight access is expanding. Coinpaper recently examined why stocks still need a closing bell , including the settlement and liquidity problems that make continuous equity trading harder than keeping an exchange online. Nvidia at 2 A.M. Is Already Possible — Just Not for Americans Market/Product Trading access Own actual shares? U.S. availability Traditional Nvidia stock Extended market hours, not 24/7 Yes Yes Nvidia stock perpetual 24/7 No Not currently via Coinbase Tokenized stocks Can support extended/onchain trading Depends on structure Developing Crypto.com stock perps Intended for always-on derivatives trading No Being pursued Coinbase launched 24/7 stock perpetuals for eligible non-U.S. customers in March. Traders can get synthetic exposure to Nvidia, Tesla, Apple, Amazon and other major stocks, with leverage of up to 10x on individual names. U.S. customers are excluded. Coinpaper covered that stock perpetual futures launch when Coinbase began offering around-the-clock exposure. Crypto.com is now pursuing its own route into the American market. These contracts are not shares. A trader buying an Nvidia perpetual does not own Nvidia stock or receive shareholder voting rights. Instead, the derivative tracks the stock’s price and uses mechanisms such as funding payments to keep the contract aligned with its underlying market. That difference also separates stock perps from tokenized stocks , another fast-growing attempt to move traditional assets onto crypto-style infrastructure. The Bigger Question Is Whether Markets Still Need to Sleep The closing bell is unlikely to disappear overnight. Thin overnight liquidity, wider spreads, settlement infrastructure and investor protection all become more complicated when markets operate continuously: the exact problems the SEC is now examining. Still, the direction is becoming clearer. Crypto exchanges are bringing stocks into perpetual markets while traditional exchanges and regulators are extending trading hours from the other direction.
