Hyperliquid Policy Center said it filed comments with the U.S. Commodity Futures Trading Commission after the agency's Agricultural Advisory Committee meeting, supporting a phased approach to perpetual futures as debate widens beyond digital assets and into broader commodity markets. The group said new derivatives products should be driven by end-user demand and market forces rather than introduced or blocked by assumption, and argued that agricultural producers already use tools such as crop insurance, futures and options, meaning perpetual futures should be evaluated as an additional instrument rather than a replacement. At the same time, the filing stopped short of calling for immediate agricultural approval, saying more work is needed on whether perpetual contracts can accommodate seasonal crop cycles, basis pricing, forward curves, liquidity patterns and funding-rate mechanics that differ from traditional futures that settle at expiration. Hyperliquid Policy Center also said blockchain-based infrastructure could improve collateral movement, settlement efficiency and capital mobility in continuously traded markets while remaining under existing regulatory oversight. The comments add to a broader U.S. debate that has recently included CFTC Chairman Michael Selig's defense of regulated crypto perpetual futures, Kalshi's discussions with regulators about extending the product to other asset classes, and CME Group's lawsuit challenging the CFTC's approval of regulated crypto perpetual futures.