Hyperliquid Urges SEC, CFTC to Harmonize Perpetuals Regulation
The Hyperliquid Policy Center has called on the SEC and CFTC to harmonize regulations for crypto perpetual futures, bringing US-registered derivatives markets closer to parity with their offshore counterparts.
According to a letter to the agencies, which also included input from Phantom, hyperliquid's proposals aim to clarify that providing protocol software should not be sufficient to classify an entity as an exchange, clearinghouse, or broker. The request also includes permission for registered entities to execute and clear transactions through rails similar to HyperCore.
The CFTC has approved BTCPREP of Kalshi and allowed Coinbase to route customers to Deribit, while CME claims perps are swaps against the CFTC. With perpetual futures volume reaching $61.7 trillion in 2025, outgrowing spot trades by over 3 times, hyperliquid urges regulators to address the legal gray area that prevents US investors from participating.