The Hyperliquid Policy Center and Crypto Council for Innovation have urged the U.S. Commodity Futures Trading Commission to evaluate perpetual contracts under existing derivatives authorities and make them a central part of its innovation agenda. HPC said perpetuals were raised in all three sessions of the CFTC Innovation Advisory Committee's inaugural August 20 meeting despite not appearing on the agenda, while CCI made a separate August 26 submission supporting case-by-case review under CFTC Regulation 40.3. The groups cited perpetuals' potential for risk management, price discovery and continuous exposure without dated-futures roll risk, but acknowledged concerns involving leverage, funding payments, liquidations, liquidity, surveillance, manipulation, position limits and market controls. HPC said HIP-3 perpetual markets have exceeded $500 billion in notional volume across more than 80 markets and asked the CFTC to clarify that on-chain infrastructure development alone does not require registration and that regulated entities may integrate blockchain systems under existing Commodity Exchange Act authorities. Both groups highlighted potential contracts linked to crude oil and natural gas, while CCI also cited electricity; HPC separately discussed equity and compute-related perpetuals. The CFTC's review could determine whether perpetual trading expands in U.S.-regulated markets beyond digital assets.