Hyperliquid Policy Center, trade[XYZ] bitten SEC um Regeln für unbefristete Pre-IPO-Kontrakte

TheCoinrise Media · 2026-08-19T05:35:37.000Z

Die gemeinsame Petition zielt auf einen formellen regulatorischen Rahmen ab, der Derivate abdeckt, die an Bewertungswerte privater Unternehmen gekoppelt sind, bevor diese an die Börse gehen. Der Hyperliquid Policy Center und trade[XYZ] haben die US-Börsenaufsichtsbehörde SEC ersucht, einen formellen Rahmen für unbefristete Kontrakte vor dem Börsengang (Pre-IPO) zu schaffen. Die beiden Organisationen haben den Antrag gemeinsam eingereicht, wie aus Berichten von CryptoBriefing und Crypto Economy hervorgeht. In der Einreichung wird die SEC gebeten zu prüfen, wie diese Derivate-Produkte reguliert werden sollten, bevor es zu einer breiteren Einführung auf den US-Märkten kommt.

The joint petition seeks a formal regulatory framework covering derivatives tied to private company valuations before they go public.
The Hyperliquid Policy Center and trade[XYZ] have petitioned the U.S. Securities and Exchange Commission to create a formal framework for pre-IPO perpetual contracts. The two organizations submitted the request jointly, according to reporting from CryptoBriefing and Crypto Economy. The filing asks the SEC to consider how these derivative products should be regulated before any broader adoption in U.S. markets.
Pre-IPO perpetual contracts let traders speculate on the implied valuation of a private company before it lists shares publicly. Unlike traditional equities, these contracts have no expiration date and settle continuously based on a reference price. Platforms offering them have grown in popularity as investors seek exposure to high-profile private firms that have not yet held a public offering.
According to crypto.news, the petition organizes its request around five proposed rule pillars. The exact content of each pillar was not detailed in available reporting. The structure nonetheless signals an attempt to give the SEC a concrete starting point rather than an open-ended request for guidance.
The move fits into a broader pattern of crypto firms seeking clarity from regulators rather than waiting for enforcement actions. Market structure legislation and stablecoin oversight have both advanced in Washington over the past year. Derivatives tied to private companies represent a newer and less-defined corner of that regulatory landscape.
Regulators have historically treated derivatives on private company shares with caution, given limited public disclosure from firms that have not gone through an IPO process. Pre-IPO perpetuals raise questions about price discovery, custody of collateral, and how reference prices are determined without an active public market. The petition appears designed to address some of those concerns directly, rather than leave them to case-by-case scrutiny.
Hyperliquid, the decentralized exchange associated with the Hyperliquid Policy Center, has built a reputation around perpetual futures trading. trade[XYZ] operates in a related segment of the market. Their joint filing suggests an industry effort to shape rules before regulators impose them unilaterally, a strategy other crypto sectors have used with mixed results in recent years.
Market Impact
If the SEC engages with the petition, it could set a precedent for how pre-IPO derivatives are treated under U.S. securities law. That would matter for platforms currently offering similar products, as well as for traditional finance firms watching the pre-IPO trading niche expand. A formal framework could also affect how much collateral, custody, and disclosure obligations apply to exchanges listing these contracts.
For now, the petition is a request rather than a rule. The SEC has not indicated a timeline for review, and any resulting framework would likely take time to develop through public comment and further agency action. Traders and platforms operating in this space should expect continued regulatory uncertainty in the near term.
The petition marks an early step toward defining how pre-IPO perpetual contracts might be regulated in the United States. Whether the SEC formally responds, and what any resulting framework would require, remains to be seen.
Frequently Asked Questions
What are pre-IPO perpetual contracts?
They are derivative products that let traders speculate on the implied valuation of a private company before it holds a public offering. Unlike standard futures, they have no set expiration date.
Who filed the petition with the SEC?
The Hyperliquid Policy Center and trade[XYZ] jointly submitted the request, according to reporting from CryptoBriefing and Crypto Economy.
What does the petition ask the SEC to do?
It asks the agency to consider establishing a regulatory framework for pre-IPO perpetual contracts, reportedly organized around five proposed rule pillars, according to crypto.news.
Has the SEC responded to the request?
No response or timeline from the SEC has been reported as of this writing.
Why does this matter for the crypto derivatives market?
A formal framework could clarify custody, disclosure, and trading requirements for products tied to private companies, an area regulators have not clearly addressed to date.
Originally reported by AltcoinGordon, written by Amelia Brooks. Republished with permission.
View the original on AltcoinGordon →
The post Hyperliquid Policy Center, trade[XYZ] Ask SEC for Rules on Pre-IPO Perpetual Contracts appeared first on TheCoinrise.com.