Hyperliquid Policy Center and trade[XYZ] petition SEC to create regulatory framework for pre-IPO perpetual contracts

An independent advocacy group tied to the Hyperliquid ecosystem is making its case to Washington: let traders bet on IPO prices before companies actually go public, and do it on-chain. The Hyperliquid Policy Center (HPC) and trade[XYZ] submitted a comment letter to the US Securities and Exchange Commission on August 18, urging the agency to build a regulatory framework around what they’re calling IPOPs, or pre-IPO perpetual contracts. These are cash-settled derivative instruments that reference anticipated public company listings, settling in USDC rather than delivering any actual shares. What exactly are IPOPs The contracts don’t grant ownership rights, voting power, or any allocation in the actual IPO. What they do provide is a continuous, market-implied valuation for private companies that operates around the clock. Five active IPOP markets currently operate on the Hyperliquid platform through trade[XYZ]’s HIP-3 deployment. Among the most notable are SpaceX (trading under the ticker SPCX) and Cerebras (CBRS), two companies whose pre-IPO perpetual prices have closely tracked their actual IPO opening levels. The numbers behind the petition Hyperliquid’s pre-IPO markets have genera...