HPC Pushes SEC and CFTC Toward Unified Framework for Equity Perpetuals

Hyperliquid Policy Center is pressing U.S. regulators to establish clearer rules for equity perpetual contracts. The group wants the SEC and CFTC to treat qualifying products as security futures. Its proposal could give U.S. exchanges a clearer path to list these rapidly growing derivatives.

Regulators Face Growing Pressure

Perpetual contracts have expanded rapidly, yet U.S. rules still create uncertainty around their legal classification. However, HPC argues that contract features should determine classification rather than the underlying asset.

Additionally, the CFTC approved the first U.S.-listed perpetual contracts as futures in May. The agencies later sought public feedback on how existing derivatives definitions apply to newer products.

Consequently, HPC believes regulators can provide immediate clarity without formal rulemaking. Interpretive guidance or policy…

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