Multicoin Capital and Hyperliquid Back CFTC Prediction Market Framework as Monthly Volumes Hit $50B

On July 27, Multicoin Capital and the Hyperliquid Policy Center filed a joint comment letter to the CFTC supporting the agency's proposed framework for regulating prediction markets. The filing advocates for the CFTC to be the sole federal regulator for these contracts under the Commodity Exchange Act, using settlement mechanics rather than underlying topics to determine regulatory scope.

The letter comes as prediction market activity reaches new scale, with monthly combined volumes exceeding $50 billion, including approximately $44.8 billion recorded in June 2026. Hyperliquid launched its outcome contracts in May 2026 through protocol upgrade HIP-4, featuring full USDC collateralization and non-leveraged settlement based on validator-vetted objective sources.