The Hyperliquid Policy Center argues that perpetual contracts should be classified based on their economic structure — not simply on whether they reference bitcoin, oil or a stock — and says clearer rules could help bring the fast-growing market onshore.
In a comment letter published Monday, the HPC urged the U.S.
Securities and Exchange Commission and Commodity Futures Trading Commission to adopt a harmonized framework for perpetual contracts.
"Security futures are a product category that both Commissions oversee and that both SEC- and CFTC-registered exchanges can list.
A registrant primarily regulated by one agency can cross over to the other through notice registration, so securities exchanges and futures exchanges may compete in the same product class," the HPC wrote Monday in a post on X.
