Hyperliquid Urges SEC, CFTC to Harmonize Perpetuals 2026

Hyperliquid's policy arm has called on U.S. regulators to align their approach to perpetual futures oversight, arguing that inconsistent rules between the SEC and CFTC are creating friction for the market. The group is specifically requesting that publishing a perpetual protocol not automatically require exchange registration, and that licensed firms be permitted to use infrastructure solutions like HyperCore to operate in the space. Clearer regulatory classification could theoretically open a pathway for more perpetual platforms to function under formal U.S. oversight.

The push reflects ongoing tension between crypto venues and regulators over which agency holds jurisdiction and what compliance burden should apply. With the perpetual futures market valued at roughly $61.7 trillion globally, how Washington resolves these questions will shape whether the sector expands or fragments further offshore.

• Hyperliquid is lobbying for SEC-CFTC alignment on perpetuals rules, specifically seeking exemption from exchange registration for protocol developers and approval for third-party infrastructure access.
• Harmonized regulation could bring more perpetual markets into formal U.S. oversight rather than pushing activity entirely offshore.
• The move reflects the broader regulatory fog around derivatives in crypto and which U.S. agencies ultimately claim authority.