{"id":12330,"date":"2026-08-25T05:14:13","date_gmt":"2026-08-25T05:14:13","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12330"},"modified":"2026-08-25T05:14:13","modified_gmt":"2026-08-25T05:14:13","slug":"hyperliquid-policy-center-calls-for-clearer-u-s-rules-on-perpetuals","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12330","title":{"rendered":"Hyperliquid Policy Center Calls for Clearer U.S. Rules on Perpetuals"},"content":{"rendered":"

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  • The Hyperliquid Policy Center filed a 15-page comment letter with the CFTC and SEC on 24 August, asking them to classify perpetual contracts by structure and not by the asset they reference.<\/span><\/li>\n
  • HIP-3 markets have traded over US$480 billion in ten months and hold about US$4 billion in open interest, the letter states, crediting data from ASXN.<\/span><\/li>\n
  • Hyperliquid is not currently available to persons in the United States, and the group says its work covers onchain markets \u201cincluding those available on Hyperliquid\u201d.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Hyperliquid Policy Center asked the SEC and the CFTC to treat equity perpetual contracts as security futures.\u00a0<\/p>\n

    In a 15-page comment letter, the HPC argued that a contract\u2019s economics and not its reference asset should decide which regulatory category it falls into.<\/p>\n

    Addressed to CFTC secretary Christopher Kirkpatrick and SEC secretary Vanessa A. Countryman, the letter answers a joint request for comment the two agencies published on 24 June. HPC asks them to confirm that a cash-settled equity perpetual carrying the traditional hallmarks of a futures contract may be listed as a security future.<\/p>\n

    Perpetual contracts carry standardised terms, fungibility and the ability to exit by taking the opposite position, HPC argues, so a missing expiry date should not decide the category. Expiry exists to pull a contract\u2019s price toward spot, and a perpetual achieves that convergence continuously through its funding rate.<\/p>\n

    Read more: Ripple Raises US$275M to Fuel Financial Services Expansion<\/strong><\/p>\n

    Three Main Requests<\/h2>\n

    HPC\u2019s three main requests are that regulators preserve the flexibility venues have over listing decisions, apply the same threshold classification across both agencies regardless of reference asset, and modernise a security futures framework commercially dormant since OneChicago closed in 2020.\u00a0<\/p>\n

    \u201cThe Commissions can take each of these steps without formal rulemaking\u201d, the group stated.<\/p>\n

    Disputes over which regulator\u2019s registrants may list a product \u201coften end up litigated in court, as they have for nearly four decades\u201d, according to the letter, which argues a harmonised taxonomy would let exchanges \u201ccompete on execution quality and liquidity\u201d instead.<\/p>\n

    HIP-3 markets, where independent deployers configure their own contracts on Hyperliquid\u2019s infrastructure, have accrued over US$480 billion (AU$672 billion) in notional volume in ten months and hold about US$4 billion (AU$5.6 billion) in open interest, the letter states, crediting data from ASXN.\u00a0<\/p>\n

    Hyperliquid handled nearly US$3 trillion (AU$4.2 trillion) in notional volume in 2025 and over US$1.5 trillion (AU$2.1 trillion) so far in 2026. None of it is open to Americans.<\/p>\n

    HPC, whose founder and chief executive is Jake Chervinsky, describes itself as \u201can independent research and advocacy organization dedicated to advancing a clear, regulated path for Americans to access onchain markets, including those available on Hyperliquid.\u201d<\/p>\n

    Read more: CME, Kalshi Executives Clash Over Prediction Market Regulation<\/strong><\/p>\n<\/p><\/div>\n

    CFTC,Hyperliquid,SEC#Hyperliquid #Policy #Center #Calls #Clearer #U.S #Rules #Perpetuals1787634853<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Hyperliquid Policy Center filed a 15-page comment letter with the CFTC and SEC on 24 August, asking them to classify perpetual contracts by structure and not by the asset they reference. HIP-3 markets have traded over US$480 billion in ten months and hold about US$4 billion in open interest, the letter states, crediting data<\/p>\n","protected":false},"author":1,"featured_media":12331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[1539,3100,6484,281,5254,3242,390,55],"class_list":["post-12330","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-calls","tag-center","tag-clearer","tag-hyperliquid","tag-perpetuals","tag-policy","tag-rules","tag-u-s"],"yoast_head":"\nHyperliquid Policy Center Calls for Clearer U.S. Rules on Perpetuals - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=12330\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyperliquid Policy Center Calls for Clearer U.S. Rules on Perpetuals\" \/>\n<meta property=\"og:description\" content=\"The Hyperliquid Policy Center filed a 15-page comment letter with the CFTC and SEC on 24 August, asking them to classify perpetual contracts by structure and not by the asset they reference. 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