Hyperliquid asks for equity perps as security futures, and no rulemaking to get there

Claim ledger

Ranked by verification strength, evidence, and original report placement.

1. 01
   [1]

   The Hyperliquid Policy Center told the SEC and CFTC on August 24 that cash-settled equity perpetual contracts should be permitted in US markets as "security futures".

   Reported·Source: cryptopolitan.comView cited source
2. 02
   [2]

   HPC's comment letter argues a perpetual contract already behaves like a futures contract, citing hallmarks courts have used such as standardized terms, fungibility, futurity and close-out through an offsetting trade, and says the missing expiry date is not disqualifying.

   ReportedView cited source
3. 03
   [3]

   HPC's filing responds to a joint SEC-CFTC request for comment on how to further define "swap" and "security-based swap".

   ReportedView cited source
4. 04
   [4]

   HPC asks the agencies for four steps: confirm a qualifying equity perpetual can be listed as a security future; preserve venues' current freedom to make listing calls; keep classification consistent across both agencies; and modernize the security futures framework.

   ReportedView cited source
5. 05
   [5]

   HPC says the commissions can take each of the four steps without any formal rulemaking, using interpretive guidance, policy statements and staff action.

   ReportedView cited source
6. 06
   [6]

   Independent operators deploying their own perpetual markets on Hyperliquid in oil, metals, currencies, equity indices and single stocks booked more than $480 billion in cumulative notional trading over their first ten months and hold roughly $4 billion in open interest, with liquidity developed offshore.

   ReportedView cited source