The Hyperliquid Policy Center has formally urged the SEC and CFTC to harmonize regulations for perpetual contracts, proposing they be classified by economic structure rather than underlying assets. This push comes amid rapid growth for Hyperliquid, which processed $3 trillion in volume in 2025. Traditional exchanges like CME have resisted, suing the CFTC over perpetual approvals, while President Trump revealed that CFTC Chairman Michael Selig is actively working to bring Hyperliquid into U.S. markets compliantly.
SEC CFTC harmonization proposal
- ▪The Hyperliquid Policy Center proposed that regulators provide immediate clarity through interpretive guidance, policy statements, or staff-level determinations before initiating formal rulemaking.
- ▪The Hyperliquid Policy Center submitted a formal comment letter on August 24, 2026, urging the SEC and CFTC to establish a harmonized regulatory framework for perpetual contracts.
Perpetual contract classification framework
- ▪The Hyperliquid Policy Center proposed that cash-settled equity perpetuals exhibiting futures-style attributes should be classified as security futures under the joint oversight of the SEC and CFTC.
- ▪The Hyperliquid Policy Center argued that perpetual contracts should be classified based on their economic structure and trading characteristics rather than their underlying reference assets.
CME CFTC litigation dispute
- ▪CME Group filed a lawsuit against the CFTC in June 2026 challenging the regulator's approval of the first domestic perpetual contracts for Coinbase and Kalshi.
- ▪CME Group and Intercontinental Exchange expressed concerns that platforms like Hyperliquid could facilitate market manipulation or distort asset prices.
Hyperliquid platform trading volume
- ▪Hyperliquid's HIP-3 trading markets generated over $480 billion in volume and reached $4 billion in open interest within ten months of launching.
- ▪Hyperliquid processed approximately $3 trillion in notional transaction volume during 2025 and exceeded $1.5 trillion in volume during the first eight months of 2026.
Trump CFTC compliance efforts
- ▪President Donald Trump announced that CFTC Chairman Michael Selig is actively working to establish a compliant regulatory pathway to bring Hyperliquid into U.S. markets.
- ▪Following President Donald Trump's remarks regarding CFTC compliance efforts, Hyperliquid's native HYPE token experienced a 40% price appreciation.
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