HPC Joint Trade [XYZ] Letter to CFTC to promote the integration of energy sustainability contracts into regulated United States markets

HPC, together with Hyperliquid ' s eco-largest third-party sustainable-party market deploymentr trade [XYZ], formally submitted a joint submission to the United States Commodity Futures Trading Commission (CFTC) urging the inclusion of energy-end contracts in the regulated United States market and allowing United States market participants to manage energy price risks, such as crude oil and natural gas, under a regulatory framework at 7 x 24 hours. The letter of observation is a realistic case of the Middle East conflict of February 2026: the outbreak of the conflict led to the disruption of energy exports in the Middle East and the obstruction of the global supply chain, while the United States futures market coincided with a break in the market, with airline companies, refineries and fund managers holding crude oil convertibles having no regulated channels to deal with the risks until the futures are reopened on Sunday night; during the same period, overseas participants managed their exposures through a permanent oil contract on Hyperliquid, with about two thirds of the total price fluctuations of the conflict over the first weekend, from Friday to the benchmark re-opening. In terms of progress, in May this year, the CTC approved the first long-term contracts for digital assets as futures transactions on the United States Exchange, and in June it issued an opinion on the energy market, seeking public advice on the design of contracts, reference prices, market integrity, liquidation, customer protection and ongoing transactions for long-term contracts related to physical delivery and storage of commodities. Operating data show that the World [XYZ] WTI crude oil, Brent crude oil and Henry Hub gas market, deployed on Hyperliquid, have surpassed the cumulative turnover of $500 billion since October 2025. According to its study, long-term contracts have no maturity, need not be renewed, and liquidity is concentrated in a single order book; traditional WTI futures are increasing by 1,000 barrels/hand (recent prices correspond to nominal openings of about $70,000), while the median value of trade on the crude oil market for the weekends is only about $1300, more suitable for medium- and small-scale hedging requirements. During the nearly 75 per cent of the sample weekend break, the weekend price of the contract for the perpetuity of crude oil was closer to the Sunday re-opener than the benchmark ' s own cut-off rate on Friday and did not cause significant statistical damage to CME WTI re-opening quality. The letter also made five specific recommendations: first, the application of a technology-neutral, principle-oriented framework for the assessment of renewable energy contracts and round-the-clock transactions; second, the establishment of a 7x24-hour operation for the purpose of confirming that the exchange and clearing house meets core principles; third, the clarification of the manner in which time-bound requirements, such as "working days", are applied in a continuous operating market; fourth, the acceptance of stable currency and traditional collateral for monetization as a guarantee of eligibility for liquidation derivatives; and fifth, the recognition that regulated markets can use the chain of infrastructure to complete implementation, bonds, liquidation, settlement and record-keeping subject to meeting core principles. The letter stressed that no new legislation was needed to move energy to sustainable contracts and that the existing regulatory framework could accommodate the product。