@stoolpresidente The rules are simple to remember but hard to follow: (1) Buy Bitcoin, (2) Don't sell the Bitcoin. We need you on Team #Bitcoin, Dave. Next time you're in Miami, DM me, and we can discuss this one-on-one.
We welcome today’s CFTC actions: approval of the first U.S.-listed perpetual derivatives contract, an accompanying Commission policy statement on the listing of perpetual derivatives, related interpretive guidance and no-action relief from the Market Participants Division, and a Staff Advisory on 24/7 Trading, Clearing, and Settlement, as a long-overdue acknowledgment that perpetual derivatives are a legitimate and essential tool for price discovery and risk management.
For too long, regulatory ambiguity drove these markets offshore, depriving American traders and institutions of access to regulated venues and undermining U.S. competitiveness in the global derivatives markets.
Today’s actions chart a new path forward. We look forward to engaging closely with the Commission to ensure that the framework it develops is workable not only for centralized intermediaries, but for the onchain protocols where the most significant perpetuals activity actually occurs.
I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into the United States.
Some conversations were technical with an impressive baseline understanding of Hyperliquid. Discussions included how onchain trading is a financial innovation that has clear global user demand. Other conversations focused more on a first principles introduction to defi and the promise of onchain markets. It was encouraging to see bipartisan support for thoughtful regulation of crypto. I look forward to continuing discussions in DC and working hard to make American access to Hyperliquid a reality.
Introducing the Bitwise Hyperliquid ETF $BHYP—offering 100% direct exposure to spot HYPE. And the first to use in-house staking, rather than a third-party staking provider.
Starts trading tomorrow.
Why Hyperliquid?
We believe Hyperliquid is one of the most important onchain trading platforms in the world.
When geopolitical conflict broke out in the Middle East on a Sunday morning and traditional markets were closed, institutions didn't wait until Monday. They turned to Hyperliquid.
It's easy to see why. Hyperliquid commands approximately 60% of all onchain perpetual DEX open interest globally (DeFi Llama as of May 13, 2026), processes 200,000 orders per second (Chainspect as of May 13, 2026), and has built a track record of reliability when it matters most. It has achieved remarkable adoption in a short time, entirely without venture capital—and we believe it's poised to be one of the biggest winners as capital markets move onchain.
We're thrilled to give investors a convenient, low-cost* way to participate in that opportunity, with staking rewards built in.**
Onward.
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade.
User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment.
The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2.
The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.
Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC.
Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid - USDC delivers exactly that.
Alongside this, we’ve also significantly increased our position of staked HYPE.
Come again? This FBI and DOJ with our DHS partners drafted and executed every search warrant today. But go ahead and take credit for our work while we smoke out the fraud plaguing Minnesota under your governorship.
In late 2023, French streamer TeufeurS was extorted for a ransom after a family member was kidnapped in France.
I can finally share that I helped lead efforts that resulted in an ~$800K freeze with the Binance Security team after a $2M ransom was paid.
Six suspects tied to the incident were later arrested. Given the sensitivity of the case, I held off commenting until now.
I have since assisted with asset freezes and identifying culprits in several of the recent France home invasion robberies, and hope to share details in the coming months.
If you or someone you know falls victim, reach out as soon as possible rather than delay.
I prioritize these types of cases as they have grown more frequent amidst this disturbing trend.