The Hyperliquid Policy Center stated on platform X that the world’s largest perpetual contract market is developing offshore because U.S. regulators have yet to answer a fundamental question: do these products fall under futures or swaps? The U.S. Commodity Futures Trading Commission (CFTC) began addressing this question in May, allowing the first batch of perpetual contracts to be listed as futures contracts on U.S. exchanges.

Now, the Hyperliquid Policy Center has applied to the U.S. Securities and Exchange Commission (SEC) and CFTC for confirmation that equity perpetual contracts can be listed as security futures. This confirmation will provide the necessary regulatory clarity for related products to return to the onshore market. Previously, it was reported that the first Anthropic Pre-IPO market launched on Hyperliquid, with a 24-hour trading volume of nearly $3 million.