Hyperliquid proposes 5 rule pillars for pre IPO perps

Hyperliquid Policy Center and trade[XYZ] asked the U.S. Securities and Exchange Commission on Aug. 18 to create a regulatory framework for pre IPO perpetual contracts. Summary Hyperliquid Policy Center and trade[XYZ] submitted five proposed regulatory pillars for pre IPO perpetual contracts. IPOP holders receive price exposure without shares, voting rights, allocation rights, or issuer claims whatsoever. Five completed trade[XYZ] markets preceded listings by between one and twenty five calendar days only. SEC has posted the letter publicly but has not endorsed or approved the proposed products. CFTC policy says equity perpetuals would benefit from coordinated review by both federal regulators together. The SEC added the joint submission to its public IPO modernization docket. Posting the letter confirms its receipt but does not mean the agency supports its recommendations or has approved the products. The groups call the proposed instrument an IPOP. It would provide cash settled price exposure to a company approaching a public listing without conveying shares, voting rights, IPO allocations or claims against the issuer. Hyperliquid proposal seeks five regulatory pillars The 15 page...