Hyperliquid Policy Center Calls for Unified Perpetual Contract Regulation Framework from SEC and CFTC

ME News reports that on August 24 (UTC+8), the Hyperliquid Policy Center (HPC) submitted a comment letter to the U.S. SEC, arguing that equity perpetual contracts possessing the core characteristics of traditional futures contracts may be classified as “Security Futures.” HPC urges both regulatory agencies to establish a consistent classification standard: regardless of whether the underlying asset is Bitcoin, crude oil, or a single stock, contracts with identical features and trading mechanisms should be categorized uniformly—the underlying asset should determine which regulator oversees the product and which product-level safeguards apply, but should not affect the fundamental distinction between futures and swaps. HPC proposes four specific recommendations: confirm that the definition of “Security Futures” encompasses the core characteristics of traditional futures contracts, allowing cash-settled equity perpetual contracts meeting these criteria to be classified as Security Futures; preserve existing exchange autonomy in product listing; ensure both agencies apply consistent threshold classification standards for perpetual contracts, irrespective of the underlying asset; and modernize the Security Futures framework to accommodate novel product structures. HPC states that these measures can be implemented without formal rulemaking procedures, through interpretive guidance, policy statements, or operational actions, and argues that doing so would help bring over $480 billion in perpetual contract trading volume generated on the Hyperliquid platform over the past ten months back under U.S. regulatory oversight. (Source: Foresight News)