Hyperliquid Policy Center and trade[XYZ] have urged the CFTC to create a regulatory path for energy perpetual contracts in the U.S. market. In joint comments, the firms called for a technology-neutral, principles-based framework and said exchanges and clearinghouses should be allowed to operate around the clock if they meet core requirements. The submission also asked the CFTC to recognize stablecoins and tokenized traditional assets as eligible collateral for cleared derivatives and to permit compliant markets to use on-chain infrastructure for trading, margin management, clearing, settlement, and recordkeeping. trade[XYZ], described as the first and largest third-party deployer of perpetual markets on Hyperliquid, said its WTI, Brent crude, and Henry Hub natural gas markets have exceeded $500 billion in cumulative volume since launching in October 2025. The two groups also proposed safeguards for energy perpetuals, including leverage limits calibrated to the asset class and disclosures covering funding rates and liquidation mechanisms.