Hyperliquid Policy Center and trade[XYZ] Urge SEC to Establish Pre-IPO Perpetuals Framework Hyperliquid Policy Center and trade[XYZ], a Hyperliquid perpetual markets deployer, jointly submitted a comment letter to the U.S. SEC proposing a regulatory framework for pre-IPO perpetual contracts, or IPOPs. They recommend eventually allowing U.S. investors, including retail participants, to access such products. IPOPs would not represent shares, voting rights, or IPO allocation rights, but would provide pre-listing price exposure and price discovery. The two parties also urged the SEC and CFTC to clarify whether equity-linked perpetuals are security futures or security-based swaps, and establish rules on disclosures, listing standards, leverage, position limits, and market manipulation.