Hyperliquid Calls on US Regulators for Joint Rules for $480 Billion Market

While the Hyperliquid Policy Center requests joint rules from the SEC and CFTC for perpetual derivatives in the US, the $480 billion HIP-3 volume and a 40 percent surge in the HYPE token have intensified the regulatory debate.

The call to the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) has reignited the discussion surrounding Hyperliquid’s potential to operate legally in the US. Hyperliquid Policy Center, in a comment letter published Monday, requested that the two agencies establish a joint framework for perpetual contracts.

The Center proposed that products be classified based on their economic structure rather than their underlying asset. This way, perpetual contracts referencing Bitcoin, oil, or stocks could be subject to similar rules if they function the same way. It was stated that common rules for these perpetual products, which involve positions on price direction, would reduce jurisdictional disputes between the agencies.

Hyperliquid’s US Plan Strengthened by Volume

HIP-3, which covers perpetual markets tied to various assets on Hyperliquid, generated $480 billion in trading volume over 10 months. Open interest, representing the total value of outstanding contracts, reached approximately $4 billion. This segment facilitates trading in contracts linked to Bitcoin, Ethereum, oil, gold, currencies, stock indices, individual stocks, and ETFs.

US President Donald Trump stated that the CFTC is working to bring Hyperliquid to the US in a “fully compliant and legal” manner. Traditional exchanges like CME and ICE, however, argue that the platform must register with the CFTC, claiming prices could be manipulated. According to price data from The Block, the HYPE token rose 40 percent following this announcement. However, there is no final joint regulation yet announced by the SEC or CFTC.