Hyperliquid Policy Center and trade [XYZ] suggest introducing IPOP to the US Securities and Exchange Commission

The Hyperliquid Policy Center and trade [XYZ] have submitted a joint opinion letter to the US Securities and Exchange Commission, proposing the introduction of Pre IPO Perpetual Contracts (IPOPs) to provide publicly available continuous price discovery mechanisms for companies about to go public. IPOP allows traders to trade long or short around the expected stock price of a company in the days leading up to its listing, but does not grant holders shares, allotment, voting rights, or other benefits. The product will cease operation after the company's listing. Trade [XYZ] has launched 5 IPOP markets on Hyperliquid that have completed their lifecycle. The IPO price in the United States is 10.8% to 38.4% lower than the IPOP price on the day before the IPO. Both parties suggest that the US Securities and Exchange Commission study the regulatory classification, information disclosure, listing qualifications, market integrity, and openness to US investors of IPOPs.