Hyperliquid and Multicoin Push CFTC Toward One Prediction Market Rulebook

The joint filing backs federal oversight but asks the CFTC to clarify settlement tests and publish its reasoning after every contract review. The Hyperliquid Policy Center and Multicoin Capital submitted a joint comment to the US Commodity Futures Trading Commission (CFTC) on July 27th. They expressed support for the agency’s proposed prediction market framework but also pressed for two changes that could affect how on-chain event contracts are designed and approved. The filing is a direct response to the CFTC’s “Prediction Markets; Public Interest Determinations” proposal published earlier in June. It aims to amend Regulation 40.11 and seeks to establish a 90-day process for reviewing event contracts that may involve gaming, war, terrorism, assassination, or other activities listed in the Commodity Exchange Act, among other things. HPC and Multicoin called the plan a “clear and well-reasoned framework.” They argued that prediction markets belong under the CFTC’s exclusive federal jurisdiction. The letter also states that regulating prediction markets on a state level, creating “fifty separate state regimes,” would fragment national derivatives markets. Prediction markets topped $5...