Bloomberg: Trade.xyz and Hyperliquid Lobby US Regulators for Pre-IPO Perpetual Futures

The push matters less as a product launch than as a regulatory boundary test: pre-IPO perpetuals would let crypto venues price private-company exposure that traditional venues cannot list, blurring the line between tokenized equities and derivatives. Incumbent exchanges and equity-market regulators have obvious reasons to resist that framing, so the real signal is whether lobbying shifts how these contracts are classified. Whether any US framework emerges for pre-IPO perpetuals, and under whose jurisdiction, is the open question.