The non-profit organization Hyperliquid Policy Center has called on the SEC and the CFTC to create a framework for perpetual futures. Specifically, this involves changing the classification of such contracts, which would facilitate their listing and trading.
It is worth noting that the Hyperliquid Policy Center was established in February 2026. Its global goal is to promote decentralized finance (DeFi).
In its letter, the organization urged the SEC and CFTC to harmonize rules for perpetual futures. This is a type of contract without an expiration date.
The key idea of the Hyperliquid Policy Center is that the underlying asset should determine the contract's jurisdiction, not change its economic nature. This applies primarily to derivatives on securities.
According to the organization's experts, equity contracts should be classified as regular futures under the joint oversight of the CFTC and SEC, not as security-based swaps (SBS).
Arguments in favor of this definition:
- such contracts are standardized and interchangeable;
- they have a fixed unit size;
- contracts are traded, not the underlying assets;
- a position can be closed with an offsetting transaction;
- the price is public;
- ownership of the stock/commodity does not arise upon purchasing the contract.
In light of this, the Hyperliquid Policy Center insists on:
- the publication of joint SEC and CFTC guidance clarifying the regulatory approach to perpetual futures;
- not introducing a rigid, single test for classification;
- adhering to a consistent approach to contract definition. Futures on bitcoin, oil, gold, and stocks should be regulated uniformly;
- modernizing the regulatory framework for securities futures to account for new underlying assets.
Notably, prior to this, in June 2026, the CFTC and SEC jointly submitted a request for public comments regarding changes to SBS rules in light of innovative products.
Traditional Exchanges Oppose
In the US, Hyperliquid faces opposition from major financial counterparties. CME Group and ICE, operators of major exchanges, have called for the regulation of this platform, noting that the requirements for it are more lenient.
Furthermore, CME Group filed a lawsuit against the CFTC concerning perpetual futures, prompted by the classification of these contracts.
The operator of the Chicago Mercantile Exchange insists that they should be included in the list of swaps. Requirements for dealers of such contracts regarding margin, clearing, and base capital are stricter.
