WuShuo has learned that the Hyperliquid Policy Center and Hyperliquid perpetual market operator trade[XYZ] have jointly submitted a comment letter to the U.S. SEC, proposing the establishment of a regulatory framework for Pre-IPO perpetual contracts (IPOP) as part of the modernization of the IPO system. This would ultimately allow U.S. investors, including retail investors, to participate. IPOP does not represent company shares, voting rights, or IPO allocation rights; it only provides price exposure and public price discovery for companies prior to their listing. The two parties recommend that the SEC and CFTC clarify whether stock-like perpetual contracts fall under securities futures or security-based swaps and establish rules for information disclosure, listing conditions, leverage and position limits, and market manipulation prevention. https://(wublock123.com)/news/hyperliquid-policy-center-tradexyz-asks-sec-pre-ipo-perpetuals-regulation-66746