On August 25, the Hyperliquid Policy Center (HPC) submitted comments to the US SEC and CFTC, stating that both agencies have been working over the past year to find answers regarding the classification of perpetual contracts. HPC believes that perpetual contracts for stocks, which possess traditional characteristics of futures contracts, can be classified as security futures. HPC urges the US SEC and CFTC to establish a unified classification system for perpetual contracts, based on the characteristics of each contract and its trading methods, grouping similar products together regardless of whether they reference Bitcoin, crude oil, or individual securities. HPC calls for the US SEC and CFTC to take the following four actions: 1. Confirm that the definition of security futures includes the established characteristics of futures contracts, allowing cash-settled stock perpetual contracts with these characteristics to be listed as security futures. 2. Retain the flexibility that trading venues currently have in product listing decisions. 3. Maintain consistency in classification between the two agencies so that perpetual contracts, regardless of the underlying asset, receive the same threshold classification. 4. Modernize the security futures framework to revitalize the category and adapt to new product structures.