Hyperliquid policy group just pushed a proposal to SEC & CFTC for unified classification of perpetual contracts.

This is huge for regulatory clarity in the US. Right now perps live in a gray zone between securities (SEC) and commodities (CFTC). If they get this unified framework, it could legitimize on-chain perps and open doors for institutional liquidity.

Watch $HYPE and the broader perp DEX narrative. Regulatory tailwinds = more capital inflow.