According to CoinMeta, on August 18th, the Hyperliquid Policy Center and Trade [ XYZ ] submitted regulatory framework recommendations regarding IPO perpetual contracts to the U.S. Securities and Exchange Commission ( SEC ). The proposal was included in the SEC's IPO modernization public document. Although the receipt of the letter was confirmed, it does not imply that SEC supports these recommendations or has approved the related products. The proposal refers to this tool as IPOP and aims to provide cash-settled price exposure for companies that are about to go public, without transferring shares, voting rights, or claims against the issuer. The letter requests that the Commodity Futures Trading Commission ( CFTC ) determine whether perpetual contracts related to equity are considered securities futures or securities-based swaps; the classification will determine the applicable registration, trading venues, clearing, and margin requirements. The proposal also includes rules for product disclosure, listing qualifications, investor access, and market integrity. Trade [ XYZ ] stated that they have completed discussions with Cerebras , Quantinuum , SpaceX , SK , Hynix, and ChangXin Memory Technology regarding five IPOP markets.