Overview
- The Hyperliquid Policy Center filed formal comments on Monday urging the SEC and CFTC to adopt a harmonized, structure‑based framework for perpetual contracts so similar products receive the same classification.
- HPC argued cash‑settled equity perpetuals that behave like futures should be eligible to trade as security futures and said classification should depend on contract design and trading features rather than the asset referenced.
- The group cited roughly $480 billion in Hyperliquid perpetual volume over the past ten months to make the case that clearer rules would draw large on‑chain flows into regulated U.S. venues.
- Regulators have sought public feedback after the CFTC approved the first U.S.‑listed perpetuals in May, but the agencies have not yet issued unified guidance, leaving questions about which markets and exchanges can legally list these products.
- A ruling that lets qualifying perpetuals trade as security futures could open regulated pathways for U.S. firms and retail access while raising new demands for disclosure, leverage limits, and listing safeguards to protect market integrity.