Hyperliquid Policy Center pushes SEC, CFTC for equity perps framework

Hyperliquid Policy Center has asked the SEC and CFTC to let qualifying equity perpetual contracts enter the U.S. as security futures after HIP-3 markets processed more than $480 billion in notional trading volume over their first 10 months. Summary Hyperliquid Policy Center has asked the SEC and CFTC to recognize qualifying equity perpetual contracts as security futures. The proposal would place eligible equity perpetuals under an existing framework jointly overseen by the SEC and CFTC. HIP 3 markets have processed more than $480 billion in cumulative notional volume during their first 10 months. HPC wants regulators to keep perpetual contract classification consistent across asset types while preserving exchange listing flexibility. Hyperliquid Policy Center said in an Aug. 24 comment letter that cash-settled equity perpetuals carrying the established characteristics of futures contracts should be eligible for classification as security futures, a category jointly overseen by the two U.S. regulators. For a product trading hundreds of billions in volume, perpetual contracts still don't have a settled answer to the most basic question under U.S. law: are they futures, or are they sw...