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Hyperliquid Policy Center and venture firm Multicoin Capital have submitted a joint comment to the Commodity Futures Trading Commission (CFTC) on July 27, backing the agency's proposed framework for prediction markets but asking for two key clarifications.

What the comment asks for

The comment supports the CFTC's plan to amend Regulation 40.11 and create a 90-day review process for event contracts tied to gaming, war, terrorism, assassination, or other activities listed in the Commodity Exchange Act. But the two groups want the CFTC to refine its interpretation of the word "involve" in the act — specifically, to focus on how a contract settles rather than how it is traded. They also want the agency to publish its reasoning for both approvals and denials of event contracts, not just for rejections.

Why federal oversight matters

The comment argues that letting states regulate prediction markets would fragment the national derivatives market. Instead, these markets should fall under exclusive federal jurisdiction. The groups point to recent trading volume — prediction markets surpassed $50 billion in the month before the comment was filed — as evidence that the market has grown large enough to warrant clear, uniform rules.

Request for more examples

The comment also asks the CFTC to provide more examples of edge cases, such as contracts with multiple settlement paths or indirect references to sensitive activities. That would help exchanges better assess their regulatory exposure under the new framework.

The CFTC has not yet set a timeline for finalizing the rule. The comment period remains open.