Hyperliquid submits comment letter to CFTC on prediction markets: calling for a legal path for "decentralization" to pave the way for the HIP-4 upgrade

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HPC, the policy entity associated with decentralized derivatives giant Hyperliquid, announced today that it has officially submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC). Regarding the CFTC's upcoming regulations on prediction markets, HPC strongly urges regulators not to focus solely on centralized platforms, but rather to craft a flexible framework tailored for "decentralized prediction markets" and to greenlight legal access for U.S. users to innovative applications like Hyperliquid, thereby ensuring U.S. leadership in the DeFi space. (Context: Hyperliquid enters the prediction market! HIP-4 upgrade targets event contracts, launching with "zero opening fees" to challenge Polymarket) (Background: A blockchain visionary: Jeffrey Yan and Hyperliquid's zero-VC long-termism) As prediction markets experience explosive growth in the crypto space, navigating strict U.S. financial regulations has become a mandatory challenge for major DeFi giants. This time, Hyperliquid has chosen to take the initiative. HPC, the policy entity associated with Hyperliquid, announced today (the 30th) that it has officially submitted a comprehensive comment letter in response to the "Advance Notice of Proposed Rulemaking (ANPRM)" on prediction markets issued by the CFTC. In the letter, HPC points out that the CFTC's current ANPRM is primarily designed for "centralized" prediction market structures. While HPC agrees that establishing clear rules for centralized markets is a necessary first step, they strongly argue that "decentralized prediction markets" built on public, permissionless blockchains are the inevitable trend of the future. To this end, HPC has presented three core demands to the CFTC: - Develop flexible rules: Draft function-based, flexible regulations to accommodate decentralized market structures. - Establish legal pathways: Create a clear, affirmative path for U.S. market participants to legally access decentralized prediction markets. - Promote innovation: Ensure and drive U.S. global leadership in decentralized finance (DeFi) innovation. In the comment letter, HPC explains in depth the advantages of decentralized infrastructure. They argue that prediction markets can aggregate dispersed private knowledge into continuously updated public price signals, often outperforming expert forecasts and traditional polls. Blockchain-based decentralized prediction markets possess overwhelming advantages in the following four areas due to their transparency, non-custodial nature, and operational resilience: - Elimination of single points of failure: There is no centralized operator holding customer funds, nor is there a risk of a single point of failure that could cause market shutdowns. - Extreme transparency: All transactions are recorded in real-time on a public ledger, accessible to both regulators and market participants at any time. - Fair access: Market access is determined by transparent, uniform smart contract standards rather than the discretion of an operator. - Seamless composability: Market data and collateral can natively interoperate with other on-chain infrastructure (such as smart contracts, trading, and risk management protocols). HPC emphasizes that the ultimate goal of this comment letter is to ensure that when regulators draft rules for centralized markets, they do not inadvertently stifle the rights of Americans to legally participate in decentralized markets due to rigid preconceptions (such as mandating a single exchange operator or custodial intermediary). At the end of the statement, HPC explicitly expresses their strategic goal: to ensure that U.S. market participants can access Hyperliquid, including its upcoming HIP-4 Outcome markets. Through proactive regulatory communication, Hyperliquid is striving to secure regulatory clarity for its developers, ensuring that this multi-billion dollar prediction market battle can successfully take root in the United States.

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