HPC Urges SEC and CFTC to Recognize Equity Perps as Security Futures

The Hyperliquid Policy Center (HPC) has submitted a comment letter to the SEC and CFTC, arguing that cash-settled equity perpetual contracts should be treated as 'security futures.'

HPC believes that these perpetual contracts have identical economics to futures contracts but are subject to different rules regarding who can trade them and where.

In its letter, HPC cited a federal judge's comparison of sorting these products to deciding whether tetrahedrons belong in square or round holes, highlighting the complexity of the issue.

The advocacy group is pushing for four key steps: confirming that qualifying equity perpetuals can be listed as security futures, preserving venues' current freedom to make listing calls, keeping classification consistent across both agencies, and modernizing the security futures framework.