Hyperliquid Policy Center and trade[XYZ] Advocate for Energy Perpetual Contracts to CFTC

The Hyperliquid Policy Center (HPC) and trade[XYZ] have jointly submitted a comment letter to the Commodity Futures Trading Commission (CFTC) urging the agency to establish a unified regulatory framework for energy perpetual contracts. The letter, submitted on August 24, 2026, argues that these contracts should be treated similarly to existing perpetual contracts for cryptocurrencies, emphasizing that the regulatory approach should focus on the economic structure rather than the specific underlying asset.

The letter points out that the CFTC approved the first US-listed perpetual contract, BTCPERP, on May 29, 2026, which opened the door for such contracts in the US market. HPC and trade[XYZ] contend that if perpetual contracts for Bitcoin can be regulated, then similar treatment should apply to traditional commodities like crude oil when offered on-chain. They assert that the structural features of perpetual contracts remain consistent regardless of the asset they track, advocating for a regulatory framework that does not differentiate based on asset type.

Trade[XYZ] has reported significant activity in its HIP-3 markets, with over $480 billion in cumulative notional volume and approximately $4 billion in open interest within ten months of operation. The organization offers 24/7 trading of perpetual contracts on West Texas Intermediate and Brent crude, maintaining pricing deviations under 5 basis points from reference benchmarks. The HPC, established in early 2026, has been working towards this regulatory change, highlighting the need for clarity in the treatment of digital asset derivatives amidst ongoing rulemaking by the SEC and CFTC.

© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: KLEA News