Hyperliquid Labs submitted two formal comment letters to the U.S. Commodity Futures Trading Commission (CFTC) on May 23 in response to recent calls for public input on the future of perpetual swaps and 24/7 derivatives trading.
The letters come after the close of a month-long comment period on two regulatory initiatives launched by the agency in April.
Hyperliquid Cites DeFi’s Capacity to Meet Market Demands
The CFTC’s Requests for Comment (RFCs), titled “Request for Comment on the Use of Perpetual Swaps in U.S. Markets” and “Request for Comment on Round-the-Clock Derivatives Trading,” seek to explore regulatory approaches for continuous trading environments and new types of derivatives products.
The comment period for both RFCs closed on May 21, 2025, following a month-long feedback window. In a public statement, Hyperliquid Labs praised the CFTC’s engagement on these issues, calling them “fundamental to the evolution of global markets.”
The initiatives were introduced under the leadership of Commissioner Caroline Pham, who has been vocal in encouraging dialogue between regulators and the Web3 industry.
In its submissions, Hyperliquid Labs noted the role that decentralized finance can play in shaping the future of financial markets. The organization described DeFi as a powerful tool for improving transparency, efficiency, and user control in financial systems.
“Hyperliquid exemplifies how core DeFi principles can be put into practice to enhance market efficiency, market integrity, and user protection,” the group wrote in a statement released on May 23.
It also urged U.S. regulators to recognize the country’s opportunity to lead in financial innovation by establishing clear and supportive rules for the sector.
The group further indicated how its decentralized model offers a real-world example of DeFi principles in action. Hyperliquid Labs is a contributor to the Hyperliquid blockchain protocol, which supports decentralized perpetual markets.
Other Industry Submissions to CFTC’s April 2025 Consultations
Several other blockchain projects and financial firms submitted responses to the CFTC by the May 21 deadline. Coinbase, Uniswap Foundation, and dYdX Trading Inc. have publicly confirmed filing their own letters.
However, these documents, posted to the CFTC’s comment portal, address issues including continuous risk monitoring, decentralized governance, and regulatory parity between centralized and decentralized platforms.
On April 10, 2025, the CFTC announced both RFCs simultaneously, requesting public input by May 21, 2025. The move marked a continuation of the agency’s outreach efforts that began in March 2024, when it launched the Office of Technology Innovation (OTI) to liaise directly with blockchain developers and digital asset firms.
Hyperliquid Labs has not previously been named in enforcement or compliance actions. Its proactive submission stands in contrast to a number of DeFi projects that have opted to avoid regulatory channels altogether.
The CFTC has not indicated when it will issue findings or next steps related to the perpetuals and 24/7 trading consultations. However, the volume of submissions may inform future guidance or rulemaking in late 2025 or early 2026.
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