According to CoinMeta, the Hyperliquid Policy Center has requested permission from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for eligible stock perpetual contracts to enter the U.S. market as securities and futures. In a comment letter dated August 24, the center stated that cash-settled stock perpetual contracts with characteristics of futures contracts should meet the classification standards for securities and futures. The HIP-3 market of Hyperliquid handled over $480 billion in notional trading volume in the first 10 months. The center noted that despite the large trading volume of perpetual contracts, the fundamental question of whether they are considered futures or swaps under U.S. law remains unresolved.