Daily Observation of Cryptocurrency Concept Stocks: Hyperliquid Partners with Multicoin to Submit Comments to the CFTC, Promoting Federal Regulation of Prediction Markets

Cutting Through the Gray Area: Predictive Markets Should Be Unified Under CFTC Federal Regulation

For a long time, the question of whether predictive markets belong to "compliant financial derivatives" or "illegal betting" has been a focal point of contention between Wall Street and traditional regulatory agencies.

In a jointly submitted opinion letter, the Hyperliquid Policy Center and Multicoin Capital put forth a compelling legal argument: the event contracts issued by exchanges are fundamentally different in structure and economic logic from traditional bookmaking. The opinion letter points out that predictive markets are essentially tools for price discovery and risk hedging. Allowing disparate and opaque betting laws from various states to arbitrarily define these markets would severely undermine the uniformity of the financial market. Therefore, the CFTC should act as the sole authoritative body to implement unified federal oversight of event contracts.

Clarifying Regulatory Rules: Centering on Settlement Results and Public Reasoning

In response to the CFTC's proposed regulatory framework draft regarding "under what circumstances event contracts can be excluded from regulated exchanges," the opinion letter provides three specific operational suggestions:

• Clear rules are better than uncertain enforcement: Market participants need clear and defined red lines, rather than relying on ambiguous areas subject to post-facto enforcement;

• Adopt a settlement result-based "involves" determination standard: It is recommended that the CFTC clearly define the logic for contract determination and publish more specific case guidance covering political, macroeconomic, and technological events;

• Transparent regulatory mechanisms: Regardless of whether the CFTC's final review result is to approve or reject a certain event contract listing, detailed written reasoning documents must be made public to ensure transparency in the regulatory process.

HPC Strategic Positioning: The Policy Lobbying Power of On-Chain Native Ecosystems in Wall Street

The joint initiators of this opinion letter—Hyperliquid Policy Center (HPC)—represent a new paradigm of reverse penetration of decentralized finance (DeFi) ecosystems into top-level policy in 2026.

Founded in February 2026, HPC is an independent nonprofit research and advocacy organization based in Washington, D.C. The organization was established by former Variant Chief Legal Officer Jake Chervinsky, who serves as CEO, and received initial operational funding of 1 million HYPE tokens from the Hyper Foundation. HPC's core mission is to focus on key decentralized financial infrastructures such as perpetual contracts and predictive markets, advocating for fair and clear legislative space for on-chain ecosystems in Congress and federal regulatory bodies like the CFTC.

A Key Turning Point for Predictive Markets Towards Compliance

Based on the interactions between U.S. stock concept stocks and policy at the end of July, predictive markets are undergoing a transformation from "marginal experiments" to "mainstream financial instruments." Driven by traditional financial giants and native Web3 protocols, a new era of predictive derivatives—characterized by clear regulatory boundaries provided by the CFTC, a clearing infrastructure offered by decentralized protocols, and deep trading participation from Wall Street institutions—is accelerating with the advancement of a series of supporting bills such as the Clarity Act.

Data Source: https://bbx.com/ Cryptocurrency Concept Stock Information Database, compiled based on announcements from global listed companies and SEC/TSE disclosure documents from last weekend.