Hyperliquid Policy Council, or HPC, and TradeXYZ have submitted a comment letter to the U.S. Commodity Futures Trading Commission calling for energy perpetual contracts to be included in regulated American markets. The letter points to a market episode in February, when conflict in the Middle East disrupted crude exports while U.S. futures markets were closed. During that period, offshore participants were already using crude-linked perpetuals on Hyperliquid to manage risk exposure, and roughly two-thirds of the initial weekend price move was completed on-chain. The filing also references the CFTC’s regulatory steps this year: the agency approved the first crypto-asset perpetual contracts to trade in the U.S. as futures in May, then opened a public comment process on energy perpetuals in June. HPC and TradeXYZ said the commission should adopt a technology-neutral framework for reviewing energy perpetuals and 24/7 trading, recognize that exchanges can operate around the clock, treat stablecoins and tokenized collateral as eligible margin, and allow regulated venues to use on-chain infrastructure for execution, clearing, and settlement.
Hyperliquid Policy Council (HPC) and TradeXYZ have jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC), urging the regulator to include energy perpetual contracts in regulated U.S. markets.
The letter says that in February, conflict in the Middle East disrupted crude oil exports while U.S. futures markets were closed. During that window, offshore market participants were already able to use crude-linked perpetual contracts on Hyperliquid to manage risk exposure. It adds that roughly two-thirds of the price move over the first weekend of the conflict took place on-chain.
CFTC has already opened the door to public feedback
The article says the CFTC approved the first crypto-asset perpetual contracts to trade in the United States as futures in May. In June, the agency opened a public consultation on energy perpetual contracts.
What the comment letter asks for
HPC and TradeXYZ said the CFTC should set up a technology-neutral framework to assess energy perpetuals and 24/7 trading, and confirm that exchanges can operate on a round-the-clock basis. The letter also asks the regulator to recognize stablecoins and tokenized collateral as eligible margin, and to allow regulated markets to use on-chain infrastructure for execution, clearing, and settlement.
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