FullSend.hype

Futures, not swaps. That was the question hanging over US perpetual derivatives all year. CME sued the CFTC arguing they are swaps. The SEC and CFTC asked whether equity perpetual derivatives are security futures or security-based swaps. Today the CFTC answered: single-stock perpetual futures are security futures, deemed approved under Regulation 40.3, and listable on exchanges registered with both the CFTC and the SEC. The CFTC deemed equity perpetual futures approved under Regulation 40.3, as security futures. For the first time, exchanges registered with both the CFTC and the SEC can list them. How we got here: • May 29: CFTC approves the first US bitcoin perpetual futures • Jun: SEC and CFTC jointly ask whether equity perpetual derivatives are security futures • Aug 19: Trump says the CFTC is working to bring Hyperliquid onshore • Aug 18 to 26: HPC and trade[XYZ] write to the SEC and the CFTC • Sep 15: CLARITY Act fails • Sep 16: Payward and Bitnomial propose a regulated HIP-3 route • Oct 26: Hyperliquid confirms Payward as the first HIP-3* deployer • Oct 29: ICE invests in trade[XYZ] to operate its regulated US markets (@elonmusk QT worth a mention) • Nov 3: CFTC approves equity perpetual futures The US route to Hyperliquid is taking shape. Thank you, @HyperliquidPC. Hyperliquid.