Hyperliquid Policy Center urges U.S. SEC and CFTC to adopt a unified perpetual contract framework

On August 25, the Hyperliquid Policy Center (HPC) submitted an opinion to the U.S. SEC and CFTC, stating that the U.S. CFTC and SEC have been working hard to find answers to the classification of perpetual contracts over the past year. HPC believes that stock perpetual contracts with traditional characteristics of futures contracts can be classified as securities futures. HPC urges the U.S. SEC and CFTC to establish a unified classification system for perpetual contracts that should group similar products into the same category based on the characteristics of each contract and how it is traded, whether they refer to Bitcoin, crude oil or a single security. The HPC requires the U.S. SEC and CFTC to take the following four measures: 1. Confirm that the definition of securities futures includes the established characteristics of futures contracts, and that cash-settled stock perpetual contracts with these characteristics can be listed as securities futures. 2. Retain the flexibility currently available to trading venues in product launch decisions. 3. Maintain consistency between the two institutional classifications so that perpetual contracts can obtain the same threshold classification regardless of the assets involved. 4. Modernize the securities and futures framework to revitalize the category and adapt to the new product structure.