SEC and CFTC Must Unify Perpetual Futures Regulations, Says Hyperliquid

Hyperliquid Policy Center is urging the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to create a unified framework for regulating perpetual futures.

The debate centers around jurisdiction, with the SEC overseeing securities and security-based derivatives, while the CFTC regulates commodity futures and swaps.

Perpetual contracts can complicate this division, as they have no fixed expiration date and share characteristics with conventional futures contracts.

Hyperliquid Policy Center argues that regulators should focus on a contract's economic structure rather than its underlying asset when determining how it should be treated.