Hyperliquid Policy Center and trade[XYZ] have urged the CFTC to open a regulatory path for energy perpetual contracts in the U.S. market under a technology-neutral, principles-based framework. Their joint comments say exchanges and clearinghouses should be allowed to operate around the clock if they meet core requirements, ask the agency to recognize stablecoins and tokenized traditional assets as eligible collateral for cleared derivatives, and call for compliant markets to use on-chain infrastructure for trading, margin management, clearing, settlement, and recordkeeping. Trade[XYZ], described as the first and largest third-party deployer of perpetual markets on Hyperliquid, said its WTI, Brent crude, and Henry Hub natural gas markets have exceeded $500 billion in cumulative volume since launching in October 2025. The groups also proposed safeguards including leverage limits calibrated to the asset class and disclosures covering funding rates and liquidation mechanisms, building on earlier advocacy after the CFTC’s first U.S. perpetual approvals and its energy-perpetuals consultation.