The Hyperliquid Policy Center and Multicoin Capital submitted a joint comment to the US Commodity Futures Trading Commission (CFTC) on July 27th.
They expressed support for the agency’s proposed prediction market framework but also pressed for two changes that could affect how on-chain event contracts are designed and approved.
The filing is a direct response to the CFTC’s “Prediction Markets; Public Interest Determinations” proposal published earlier in June. It aims to amend Regulation 40.11 and seeks to establish a 90-day process for reviewing event contracts that may involve gaming, war, terrorism, assassination, or other activities listed in the Commodity Exchange Act, among other things.
HPC and Multicoin called the plan a “clear and well-reasoned framework.” They argued that prediction markets belong under the CFTC’s exclusive federal jurisdiction.
The letter also states that regulating prediction markets on a state level, creating “fifty separate state regimes,” would fragment national derivatives markets.
Prediction markets topped $50 billion in trading volume last month, and the biggest names in traditional finance are moving in.
Today, with @multicoin, we filed a joint comment supporting the @CFTC ‘s proposed prediction markets framework.
These markets have grown up. The… https://t.co/pYG4mevmbT
— Hyperliquid Policy Center (@HyperliquidPC) July 27, 2026
The first concern that the group outlines is related to the use of one word in the Commodity Exchange Act: “involve.” Under the statute’s rule, the CFTC can review contracts that involve certain listed activities and prohibit them when they are contrary to the public interest.
The letter supports an interpretation focused on settlement. Instead of treating trading itself as gaming, regulators would have to examine the event that determines the payout. A contract would fall within the special rule when settlement directly turns on illegal activity, not merely because buying it resembles placing a wager.
In addition, the group asked for more examples. Edge cases may include certain contracts with several potential paths to settlement or products that reference a sensitive activity only indirectly. Clear illustrations would help exchanges and developers assess regulatory exposure before having to commit resources to a launch.
The second recommendation concerns what happens after a review under Regulation 40.11. Under the current proposal, the CFTC would publish written findings when it blocks a contract and explain how that parti
小靓分析：
🦊 小靓解读
Hyperliquid 与 Multicoin 联合向 CFTC 提交意见，支持预测市场框架，但要求对链上事件合约的审批流程进行优化，尤其是缩短审查周期至90天。这反映出加密行业正积极推动监管明确化，为合规预测市场打开通道。
📊 市场影响
短期利好预测市场相关代币（如 POLY、REP），但情绪驱动为主，涨幅有限。中长期若CFTC采纳建议，将加速链上事件合约的合规落地，吸引机构资金入场，提升市场流动性。
💡 操作建议
可轻仓埋伏预测赛道龙头币种，但需设置5%止损，因监管落地存在不确定性。建议关注CFTC后续反馈，若90天审查制通过，可适度加仓。
风险提示：
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