Hyperliquid Pushes SEC and CFTC for Clear U.S. Rules on Perpetual Futures

Hyperliquid Policy Center is calling on U.S. regulators to create a clearer and more unified framework for perpetual futures, arguing that the rapidly growing derivatives market is exposing gaps between the responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission.

In a comment submitted to the SEC and CFTC, the policy group said perpetual contracts should be classified according to their economic structure rather than simply by the asset they track.

The proposal arrives as perpetual futures begin moving closer to regulated U.S. markets and as Hyperliquid becomes increasingly prominent in both crypto and traditional asset derivatives.

The debate could determine whether platforms offering perpetual contracts tied to cryptocurrencies, stocks, commodities and other assets can operate under a coherent regulatory framework in the United States.

Hyperliquid Wants SEC and CFTC Rules to Align

The central issue is jurisdiction.

The SEC generally oversees securities and security-based derivatives, while the CFTC regulates commodity futures and swaps.

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