Hyperliquid Policy Center is pressing U.S. regulators to establish clearer rules for equity perpetual contracts. The group wants the SEC and CFTC to treat qualifying products as security futures. Its proposal could give U.S. exchanges a clearer path to list these rapidly growing derivatives.
Regulators Face Growing Pressure
Perpetual contracts have expanded rapidly, yet U.S. rules still create uncertainty around their legal classification. However, HPC argues that contract features should determine classification rather than the underlying asset.
Additionally, the CFTC approved the first U.S.-listed perpetual contracts as futures in May. The agencies later sought public feedback on how existing derivatives definitions apply to newer products.
Consequently, HPC believes regulators can provide immediate clarity without formal rulemaking. Interpretive guidance or policy statements could establish a framework while agencies gather practical market experience.
Path Toward Onshore Markets
Moreover, security futures could allow SEC- and CFTC-registered exchanges to compete within the same product category. That approach could encourage stronger liquidity, better execution, and greater market access.
Significantly, more than $480 billion has traded across Hyperliquid perpetual markets during the past ten months. Those markets cover equities, commodities, currencies, and equity indexes.