Hyperliquid Pushes SEC and CFTC to Create Unified Rules for Perpetual Contracts

The Hyperliquid Policy Center urged the SEC and CFTC to adopt a unified framework for classifying perpetual contracts. It argued contracts should be classified by economic structure, not underlying asset. Hyperliquid's HIP-3 markets generated over $480 billion in trading volume in 10 months, with $4 billion in open interest.