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Hyperliquid Policy Center calls for SEC and CFTC to harmonize perpetual rules

The group says perpetual contracts should be classified by economic structure, and warns that unclear taxonomy can trigger regulator disputes and lawsuits.

Reported · Written up by our desk · Regulation

The Hyperliquid Policy Center urged the SEC and the CFTC to adopt a unified regulatory framework for perpetual contracts, arguing that clearer rules could help expand the fast-growing market in the U.S., according to commentary published by The Block.

The group said perpetuals should be classified based on their economic structure rather than solely on what underlying reference they track, and it called for a harmonized approach that both commissions can administer across product types.

In a comment letter shared Monday, the HPC argued that current regulatory categories have not been updated for newer product structures, and it pointed to the risk of disputes over which agency or exchange can list a given product ending up in court.

The Block also noted that the push comes as Hyperliquid’s multi-asset perpetuals have gained scale and faced additional scrutiny from traditional exchanges, while President Trump said the CFTC is working to bring the platform to the U.S. in a fully compliant and legal fashion.

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