Hyperliquid Policy Center and trade[XYZ] Urge SEC to Consider Pre-IPO Perpetual Markets

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. We'll translate text inside those. Let's translate paragraph by paragraph. First paragraph: "Hyperliquid Policy Center and trade[XYZ] have asked the U.S. Securities and Exchange Commission to consider pre-IPO perpetual markets as a new tool for public price discovery. The joint submission argues that trading perpetual contracts on companies before their initial public offering could give investors a clearer, market-driven sense of value ahead of a listing." We need to translate. "U.S. Securities and Exchange Commission" - we can say "Comisión de Bolsa y Valores de EE.UU." but they also use SEC, so we can say "la SEC" or "la Comisión de Bolsa y Valores de EE.UU." But to be concise, we can say "la SEC" as it's known. However, the original uses full name, so we can translate: "la Comisión de Bolsa y Valores de los Estados Unidos" but that's long. I'll use "la SEC" for brevity, but we need to be accurate. Actually, we can say "la Comisión de Bolsa y Valores de EE. UU." and then later use "SEC". But the first mention could be translated. Let's do: "Hyperliquid Policy Center y trade[XYZ] han pedido a la Comisión de Bolsa y Valores de EE. UU. que considere los mercados perpetuos previos a la OPI como una nueva herramienta para el descubrimiento público de precios." Then continue: "La presentación conjunta argumenta que negociar contratos perpetuos sobre empresas antes de su oferta pública inicial podría dar a los inversores una visión más clara y orientada al mercado del valor antes de la cotización." But we need to preserve the meaning. Also "pre-IPO" we can keep as "previos a la OPI" or just "pre-IPO". I'll use "previos a la OPI" for clarity, but also might keep "pre-IPO" as is. Let's decide: In Spanish financial media, "pre-IPO" is often used as is. But the requirement says "Use appropriate Spanish terminology for crypto/tech terms" - perpetual contracts are "contratos perpetuos". For "pre-IPO", it's a finance term, we can keep "pre-OPI" but OPI is the Spanish acronym. Actually, "IPO" is used in Spanish as well, but "OPI" is the translation. I'll use "pre-OPI" or "previos a la OPI". Let's use "previos a la OPI" in first mention, and then we can use "pre-OPI" later? To be consistent, I'll use "previos a la OPI" for the first, then maybe "pre-OPI" as shorthand. But let's see. I'll translate the whole content. Second paragraph: "In their appeal, the two groups laid out a case for allowing these contracts to trade openly. Perpetual contracts are derivatives with no expiration date, so traders can hold positions for as long as they want. That's different from standard futures, which settle on a set date. The idea is to create a liquid market that produces real price signals before a company's shares ever hit a public exchange." Translation: "En su apelación, los dos grupos expusieron argumentos para permitir que estos contratos se negocien abiertamente. Los contratos perpetuos son derivados sin fecha de vencimiento, por lo que los operadores pueden mantener posiciones durante el tiempo que deseen. Esto es diferente de los futuros estándar, que se liquidan en una fecha determinada. La idea es crear un mercado líquido que genere señales de precios reales antes de que las acciones de una empresa lleguen a una bolsa pública." Third paragraph: "The submission doesn't name specific companies or platforms that would offer such products. It focuses on the regulatory framework, asking the SEC to treat pre-IPO perpetuals as a legitimate price discovery mechanism." Translation: "La presentación no menciona empresas o plataformas específicas que ofrecerían tales productos. Se centra en el marco regulatorio, pidiendo a la SEC que trate los perpetuos previos a la OPI como un mecanismo legítimo de descubrimiento de precios." Fourth paragraph: "When a company goes public, the opening price is typically set through a book-building process led by underwriters. That process can be opaque, and the final number often reflects negotiations among a small group of institutional investors. Pre-IPO perpetual markets would allow a broader set of traders to bet on where a stock will land, potentially surfacing a consensus price earlier." Translation: "Cuando una empresa sale a bolsa, el precio de apertura suele fijarse mediante un proceso de construcción de libro dirigido por aseguradores. Ese proceso puede ser opaco, y el número final a menudo refleja negociaciones entre un pequeño grupo de inversores institucionales. Los mercados perpetuos previos a la OPI permitirían que un conjunto más amplio de operadores apueste sobre dónde aterrizará la acción, potencialmente sacando a la luz un precio de consenso antes." Fifth paragraph: "That's the core argument put forward by Hyperliquid Policy Center and trade[XYZ]. They see it as a way to democratize access to information that is usually locked inside investment banks and hedge funds. If successful, the approach could also help companies gauge investor appetite before committing to an IPO." Translation: "Ese es el argumento central presentado