Hyperliquid Policy Center (HPC) submitted a letter of opinion to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stating that eligible equity perpetual contracts can be classified as securities futures. This category is jointly regulated by the two agencies, allowing exchanges to compete on execution quality rather than jurisdiction.

HPC pointed out that there is still no clear classification for perpetual contracts under U.S. law (whether futures or swaps), and this fundamental issue remains unresolved. They possess characteristics of futures such as standardized terms, the ability to hedge positions, and forward value, although they do not have a fixed expiration date, but prices converge continuously through funding rates.

The letter of opinion proposed four points: confirm that the definition of securities futures can encompass cash-settled equity perpetuals with futures characteristics; retain flexibility for product listings at trading venues; maintain consistency in classification between the two agencies; modernize the securities futures framework to accommodate new structures. HPC stated that in the past 10 months, the trading volume of Hyperliquid perpetual contracts has exceeded $48 billion, and a clear framework would help relevant products enter the U.S. market.