Hyperliquid Pushes SEC And CFTC Toward One Perpetuals Framework

A Single Framework for a Fragmented Market

The Hyperliquid (@HyperliquidX) Policy Center has formally asked the SEC and CFTC to adopt a shared regulatory framework for perpetual contracts, filing its comment on the final day of the agencies' joint public comment window. The group is urging the two regulators to adopt a unified framework for perpetual contracts, arguing that classifying them by their economic structure rather than their underlying asset could help bring the fast-growing market to the U.S.

Under the current rules, a perpetual future tracking Bitcoin might fall under CFTC oversight if deemed a commodity, while one tracking a tokenized stock could be considered a security under SEC rules. This patchwork approach, the group contends, creates inefficiencies and pushes trading activity to offshore platforms that operate in clearer legal environments.

Without a clear taxonomy, disputes over which regulator's registrants can list a particular product can end up in court. A harmonized framework, the HPC argued, would allow exchanges to compete on execution quality and liquidity instead.

Scale Behind the Push

HIP-3 markets have processed more than $480 billion in notional trading volume over their first 10 months. Hyperliquid offers perpetual markets tied to a wide range of assets, including bitcoin, ether, oil, gold, currencies, stock indexes, individual stocks and ETFs.

The HPC has specifically asked the SEC and CFTC to recognize qualifying equity perpetual contracts as security futures, placing eligible instruments under an existing framework jointly overseen by both agencies. The group contends that the lack of an expiration date should not preclude futures classification, pointing to the CFTC's May approval of Kalshi's Bitcoin perpetual as precedent.

In May, the CFTC approved the first U.S.-listed perpetual contracts and permitted them to trade as futures. That approval has added urgency to the classification question. CFTC Chairman Michael Selig has previously said the central question is not whether perpetual markets will exist, but whether they will operate under American oversight and standards.

The push comes as Hyperliquid's multi-asset perpetuals gain scale and draw scrutiny from traditional exchanges. Neither agency has formally responded to the request.

Sources:
The Block: Hyperliquid Policy Center urges SEC, CFTC to harmonize rules for perpetual contracts
Crypto.news: Hyperliquid Policy Center pushes SEC, CFTC for equity perps framework
The Crypto Times: Hyperliquid Policy Center urges SEC and CFTC for a rulebook to unlock $480B market