According to CoinMeta, Hyperliquid Policy Center and trade [XYZ] submitted a joint letter of opinion to the U.S. Securities and Exchange Commission (SEC), recommending the introduction of "pre-listing perpetual contracts" (IPOP) to provide a public and continuous price discovery mechanism for companies about to go public. IPOP allows traders to engage in long and short trades around the stock price of a company in the weeks before its expected listing, but does not grant holders shares, allocation rights, voting rights, or other benefits; this product ceases to operate after the company goes public. trade [XYZ] has already launched 5 IPOP markets that have completed their lifecycle on Hyperliquid. The initial public offering (IPO) price in the United States was 10.8% to 38.4% lower than the price on IPOP of the previous day. Both parties recommend that the SEC study issues such as the regulatory classification of IPOP, information disclosure, listing qualifications, market integrity, and accessibility to U.S. investors.