Hyperliquid Policy Center Backs CFTC in Fight Over Perpetual Futures
The Hyperliquid Policy Center (HPC) has filed an amicus brief in support of the Commodity Futures Trading Commission (CFTC) in a lawsuit brought by CME Group. The case revolves around perpetual futures, a type of contract that doesn't have an expiration date and allows people to bet on asset price movements without owning the underlying asset directly.
HPC argues that CME's lawsuit could stifle innovation and slow down progress in the US futures markets. In its brief, HPC says that if CME prevails, it will open the door for incumbents to sue regulators over new products they choose not to offer.
The case centers around perpetual futures being allowed to trade in the US for the first time after the CFTC approved them for Kalshi and Coinbase last month. CME Group had complained that these contracts would directly compete with its offerings and cause injury to CME.