Hyperliquid Demands Strong Unified Approach to U.S. Perpetual Regulation

TL;DR

• Hyperliquid filed a formal comment with the SEC and CFTC requesting a unified taxonomy for perpetual contracts in the U.S.
• The document asks for perpetuals to be classified as security futures, which would allow exchanges regulated by both agencies to compete in the same products.
• Over the past ten months, the platform’s perpetuals markets accumulated more than $480 billion in trading volume globally.

The Hyperliquid Policy Council (HPC) filed with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) a formal comment urging both agencies to adopt a harmonized regulatory framework for perpetual contracts.

Hyperliquid is one of the most important platforms in this market segment. It argues that these instruments combine the traditional features of futures contracts and that, consequently, they can be listed as security futures under existing U.S. law.

The filing responds to the ongoing debate over the classification of perpetuals, which remains unresolved in the United States. Federal commodities law draws a primary distinction between futures and swaps, and perpetuals have oscillated between both categories depending on the case. That ambiguity prevented the orderly development of these markets within the country for years, while global volume continued to grow outside U.S. jurisdiction.

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