HPC and Multicoin support the Commodity Futures Trading Commission (CFTC)’s regulatory framework for prediction markets, stating that prediction markets should be uniformly regulated by the CFTC.

Hyperliquid Policy Center (HPC) disclosed that it has jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC) with Multicoin Capital, supporting the agency’s proposed regulatory framework for prediction markets. The two parties emphasized that prediction markets should be uniformly regulated by the CFTC as the sole federal regulator, rather than overseen separately by individual states under their respective gambling rules, to prevent market fragmentation. HPC and Multicoin hold that event contracts matched on trading platforms are fundamentally distinct from traditional gambling, so the former should be incorporated into the financial market regulatory system. The comment letter recommends the CFTC further clarify review standards for event contracts, including adopting a judgment approach based on contract settlement outcomes, and publicly disclose the specific rationale behind each review decision—measures aimed at boosting regulatory transparency and providing stable expectations for market participants. Hyperliquid added that its platform already supports trading of result-based on-chain contracts; since related markets launched in May, they have grown rapidly, with open interest recently hitting an all-time high, and all positions are settled via on-chain collateral. The two sides argue that a clear, technologically neutral federal regulatory framework will advance the compliant development of on-chain prediction markets and derivative markets.