trade.xyz and Hyperliquid urge CFTC to regulate energy perps

This is a notable attempt by crypto-native platforms to shape US derivatives regulation, signaling that energy perps are seen as a viable institutional product if oversight is clear. The argument that on-chain venues provided price discovery during benchmark closures gives regulators a concrete reason to consider the proposal, though the CFTC's stance on crypto remains politically fraught. The key tension is whether the agency will accept on-chain infrastructure as compliant market plumbing or insist on traditional clearing models. Watch whether other major venues join the comment and whether the CFTC signals openness to 24/7 trading frameworks, as that would set a precedent beyond energy.