Hyperliquid urges SEC/CFTC to align perpetual rules as security futures
Hyperliquid Policy Center (HPC) has urged the SEC and CFTC to harmonize US regulation for perpetual contracts, arguing that qualifying equity perpetuals should be treated as security futures under a consistent framework.
In a public comment to both agencies, HPC said perpetual contracts share core “futures-like” traits: standardized terms, fungibility, and the ability to exit by taking the opposite position. The main difference is no fixed expiry date, but HPC argues funding payments serve a similar pricing-balancing role.
HPC also pushed for classification based on a contract’s structure and trading characteristics—not the referenced underlying asset. Under this approach, similar products could receive the same initial classification whether they reference BTC, oil, or an equity index, while the underlying asset would drive the applicable jurisdiction and safeguards.
Key regulatory context: the CFTC approved the first US listed perpetuals in May. It later suggested equity perpetuals may require joint review by both regulators. The agencies have been seeking feedback on how existing definitions for swaps, security-based swaps, futures, and security futures apply to newer products such as cash-settled equity perpetuals.
HPC asked regulators to confirm that qualifying equity perpetuals can be listed as security futures, preserve exchange flexibility, and modernize the security-futures framework. It said clarity can be provided through interpretive guidance or staff action, without waiting for formal rulemaking. HPC cited over $480B in volume across Hyperliquid perpetual markets over the past 10 months.
CFTC Chairman Michael Selig previously framed the central question as whether perpetual markets will operate under US oversight and standards.
Neutral
This is primarily a regulatory-structure proposal rather than an immediate market-moving rule change. HPC’s call to treat qualifying equity perpetual contracts as security futures could reduce future US jurisdiction disputes, which may improve long-term clarity for listings and liquidity. That said, the SEC/CFTC still need to respond, and classification outcomes for new products like cash-settled equity perpetuals remain uncertain.
In the short term, traders are unlikely to see direct impact on BTC price or spot/liquidations because the article doesn’t indicate a new approved product today. However, the CFTC’s prior approvals of US listed perpetuals and the ongoing SEC/CFTC feedback process can gradually improve sentiment around regulated perpetual trading venues.
Looking at similar regulatory “harmonization” efforts in derivatives history, initial headlines often create modest optimism, but real repricing typically follows when agencies issue concrete interpretive guidance or enforcement clarity. Therefore, the expected impact is neutral: it’s potentially supportive for the perpetual ecosystem over time, but not yet a confirmed catalyst for immediate trading conditions or market stability.