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FollowingThe Hyperliquid Policy Center urges the SEC and CFTC to clarify the regulatory classification of stock perpetual contracts.
The Hyperliquid Policy Center (HPC) has submitted a request to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to clarify whether stock perpetual contracts can be regarded as securities futures. The request came after the CFTC approved the first batch of futures products to be listed in the United States as perpetual contracts in May this year. HPC believes that clear classifications will help promote more sustainable transactions into the U.S. market and reduce regulatory uncertainty.
The classification issue of perpetual contracts remains unresolved
According to HPC, perpetual contracts and futures share many common characteristics, including standardized terms, interchangeability and the ability to exit through reverse liquidation. However, due to its lack of a fixed expiration date, its handling under the U.S. legal framework has become complicated. The agency pointed out that in the past, similar contracts have been assigned different classifications in law enforcement operations. This uncertainty has led to a large flow of sustainable markets overseas, despite their huge trading volume. The CFTC and SEC have been studying the issue for the past year. In June this year, the two institutions solicited opinions on how the swap definition could be applied to new products and asked whether cash-settled stock perpetual contracts could be classified as securities futures. HPC submitted comments in this regard.
HPC seeks unified regulatory framework across markets
HPC wants regulators to classify perpetual contracts based on their specific characteristics and transaction structure. The agency said regulatory authority should be determined based on reference assets, rather than whether the contract itself is a futures or a swap. HPC also requires regulators to confirm that qualifying stock perpetual contracts can be traded as securities futures. At the same time, exchanges should retain their existing flexibility in deciding which products to put on shelves. In addition, HPC called on the two institutions to align their classification standards and recommended that regulators update the securities and futures framework to accommodate new product structures. Securities and futures are regulated by both the SEC and the CFTC, and exchanges registered with any institution can list such products through the existing framework.
Hyperliquid trading volume reaches US$480 billion
HPC said that in the past ten months, perpetual contract trading volume on the Hyperliquid platform exceeded US$480 billion, covering oil, metals, currencies, stock indices and individual stocks. The agency believes regulators can provide clear guidance without going through a formal rule-making process. Interpretative guidance, policy statements and specific actions by staff can all initially establish a relevant framework. CFTC Chairman Selig once said that the core issue is whether sustainable markets operate under U.S. regulations and standards. HPC said it will continue to communicate with the SEC and CFTC.
