Hyperliquid Policy Center Urges SEC, CFTC to Harmonize Perpetuals Rules

The Hyperliquid Policy Center has formally called on the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission to develop a joint regulatory framework for perpetual futures, urging the agencies to classify these derivative contracts based on their economic structure rather than the underlying asset. In a comment letter published on August 24, 2026, the policy group argued that a unified approach would resolve jurisdictional ambiguity, enhance investor protections, and help bring a fast-growing segment of digital asset trading back under domestic oversight.

The proposal seeks to apply an "economic structure" test to perpetual futures, often called perps, which are derivative contracts allowing speculation on asset prices without a fixed expiry date. Instead of determining regulation by whether the contract references Bitcoin, crude oil, or a stock, the Hyperliquid Policy Center stated that regulators should focus on the contract's mechanics, such as margin requirements, settlement procedures, and leverage. This method, the group argued, aligns with traditional derivatives regulation and would place qualifying perpetuals within the existing category...