Hyperliquid Policy Center backs CFTC in perps fight, urges dismissal of CME suit

This move positions Hyperliquid's policy arm as a direct advocate for perps market access, framing CME's suit as a regulatory overreach that could set a precedent for how traditional exchanges challenge crypto-native products. The outcome matters beyond the two parties: a ruling favoring CME could invite more legal pushback against CFTC's stance on perps, potentially slowing regulatory clarity for all digital asset derivatives. For market watchers, the core tension is whether courts treat perps as a distinct innovation requiring new rules or as a product squarely within existing futures frameworks. What bears watching is how the CFTC's defense aligns with Hyperliquid's arguments, as any divergence could signal internal regulatory splits.