HPC Seeks Clarity on Equity Perpetual Contracts with Unified Framework Proposal

The Hyperliquid Policy Center is pushing U.S. regulators to adopt a unified framework for equity perpetual contracts, classifying them as security futures based on contract features rather than underlying assets.

This proposal aims to provide clarity and a clearer path for U.S. exchanges (CEXs) to list these rapidly growing crypto derivatives, which have expanded significantly but are still uncertain in terms of legal classification due to existing rules.

In May, the CFTC approved the first U.S.-listed perpetual contracts as futures, followed by requests from agencies for public feedback on how existing derivatives definitions apply to newer products.