ChainCatcher report: The Hyperliquid Policy Council (HPC) and TradeXYZ jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC), urging the inclusion of energy-linked perpetual contracts within regulated U.S. markets. The article notes that during the Middle East conflict in February, which disrupted crude oil exports and caused U.S. futures markets to close, offshore participants were already able to manage their risk exposure through Hyperliquid’s oil-linked perpetual contracts, with approximately two-thirds of price movements occurring on-chain during the first weekend of the conflict. In May, the CFTC approved the first cryptocurrency-backed perpetual contracts for trading as futures in the U.S., and in June, it opened a public comment period on energy-linked perpetual contracts. The comment letter recommends that the CFTC establish a technology-neutral framework to evaluate energy perpetual contracts and 24/7 trading, affirming that exchanges may operate continuously, recognizing stablecoins and tokenized collateral as eligible margin, and permitting regulated markets to use on-chain infrastructure for execution, clearing, and settlement.
HPC and TradeXYZ Urge CFTC to Regulate Energy Perpetual Contracts
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Summary
The Hyperliquid Policy Council (HPC) and TradeXYZ have urged the CFTC to regulate energy perpetual futures. The letter references the February 2026 Middle East conflict, during which on-chain perpetual futures enabled risk management while U.S. futures markets were closed. Approximately two-thirds of price movements during that weekend occurred on-chain. The CFTC approved perpetual futures for crypto assets in May 2026 and opened a public comment period on energy perpetuals in June. The groups recommend a technology-neutral framework, 24/7 trading, and stablecoin collateral. Among alternative assets to watch, energy perpetuals could gain momentum under clearer regulatory guidelines.
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