Hyperliquid Policy Center (HPC) has submitted a comment letter to the U.S. Securities and Exchange Commission, arguing that stock perpetual contracts with the characteristics of traditional futures contracts should be classified as security futures. According to Foresight News, HPC called on the SEC and another agency to establish a consistent classification standard for perpetual contracts.

HPC said contracts should be classified the same way whether the underlying asset is Bitcoin, crude oil, or a single stock, as long as the contract features and trading methods are the same. It added that the underlying asset should determine only which agency regulates the product and what product-level safeguards apply, rather than affecting the threshold distinction between futures and swaps.

The group made four specific recommendations: confirm that the definition of security futures covers the core features of traditional futures contracts and allow qualifying cash-settled stock perpetuals to be classified as security futures; preserve trading venues' existing discretion over product listings; ensure both agencies use the same threshold standard for perpetual contract classification regardless of the underlying asset; and modernize the security futures framework to accommodate new product structures.

HPC said these measures could be implemented through interpretive guidance, policy statements, or staff-level action without a formal rulemaking process. It said the move could help bring more than $480 billion in perpetual contract trading volume generated on the Hyperliquid platform over the past ten months back into the U.S. regulatory framework.