Hyperliquid Policy Center has asked the SEC and CFTC to recognize qualifying equity perpetual contracts as security futures.The proposal would place eligible equity perpetuals under an existing framework jointly overseen by the SEC and CFTC.HIP 3 markets have processed more than $480 billion in cumulative notional volume during their first 10 months.HPC wants regulators to keep perpetual contract classification consistent across asset types while preserving exchange listing flexibility.