Bob Diamond

Atlas Merchant Capital - Co-Founder & CEO

[Bob Diamond @rediamondjr]

important interview with Jake and worth reading this recap

[Petro D. | Research @PDmytriiev]

Trump said "Hyperliquid" on national TV, and @jchervinsky says he literally fell out of his chair.

Jake Chervinsky, CEO of the Hyperliquid Policy Center, sat down with The Rollup to explain what "onshoring Hyperliquid" actually means in practice: not @HyperliquidX becoming a US exchange, but Hyperliquid becoming the neutral liquidity layer that registered US exchanges and brokers plug into.

→ The Trump mention was a surprise, not a plan. The press conference was supposed to be about the Clarity Act; Trump ended up praising Atkins and Selig and name-checked Hyperliquid as a CFTC priority. Chervinsky reads it as validation, but stresses nothing is in the bag and the details are still being worked out.
→ HPC's origin: Chervinsky met Jeff while at a VC firm, became convinced Hyperliquid is the industry's best shot at reshaping global finance, and got a 1M $HYPE grant from the Hyper Foundation. $HYPE's price rise has expanded their war chest.
→ Perps are already legal in the US. The CFTC reclassified true perpetuals as futures (not swaps) via orders to Coinbase and Kalshi for BTC perps. CME is currently suing the CFTC over this.
→ The hard problem is on-chain perps, not perps. A permissionless blockchain can't register with the CFTC because there's no person to license. Congress won't pass DeFi legislation soon and blanket exemptive relief is unrealistic, so the path is through existing registrants (DCMs, FCMs, brokers) using Hyperliquid as infrastructure.
→ Hyperliquid is not a competitor to Kalshi, Coinbase, Robinhood or CME. It's infrastructure they should all use. The pitch to regulators: derivatives markets live on liquidity depth, and fragmenting it across venues gives everyone a worse product. One shared venue is better for the US.
→ The failure mode that keeps him up at night: perps come onshore but on-chain markets don't, and the US ends up with legacy market structure plus perps.
→ "HIP-3*": a compliant variant of HIP-3 where deployers or exchanges have enough control to satisfy CFTC core principles, SEC rules for equity perps (which fall under the SEC, not CFTC), and Treasury AML/KYC obligations. Equity perps still face the open question of security futures vs. security-based swaps.
→ Regulators are aligned: SEC's Project Crypto and Crypto Task Force, CFTC's Innovation Task Force under Selig, plus an SEC-CFTC harmonization MOU. Chervinsky calls first-stage onshoring of crypto-underlying perps "only a matter of time."
→ Next battleground is energy perps. The Iran war weekend in February, when oil was priced on Hyperliquid while TradFi was closed, is the proof case that this isn't just a crypto product. HPC feels they're "pretty much there" on energy. Silver, not oil, was the first real breakout (~3% of CME silver volume).
→ Agriculture matters more than crypto people realize. The CFTC is overseen by the House and Senate ag committees, and ag is its core constituency. HPC is engaging groups like the Cattlemen's Beef Association and is deliberately not rushing cattle perps.
→ On the $USDC deal: he learned about it publicly like everyone else, views Circle and Coinbase as strong policy partners, and sees stablecoins becoming systemically important (Jackson Hole, G20) as proof crypto has left the token-trading sandbox.
→ Clarity Act is likely dead. He has "very little hope" for a deal. Expect narrow, Genius Act-style bills for products that have earned it, and a bottom-up path where regulators build working markets first and Congress codifies later.
→ The window is short. Everything needs to be live and used by real people before 2029, when a new administration could try to flip the switch back off.

[Bob Diamond @rediamondjr]

great to talk with @questCNN talking about Hyperliquid

[Jake Chervinsky @jchervinsky]

We launched @HyperliquidPC six months ago. This was a good week, but we've barely gotten started. Back to work.

[Bob Diamond @rediamondjr]

watch the full clip, Chairman Selig and Chairman Atkins are stars…..pure focus on executing the future of finance

[Rapid Response 47 @RapidResponse47]

.@POTUS: "In May, @ChairmanSelig authorized the first-ever true Bitcoin perpetual futures contract on a @CFTC-registered exchange. I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion."

[Cryptocat.hl @Cestlavierix]

Tradfi is increasing their $HYPE exposure via $PURR

Here you are still afraid to bid at almost -30% discount from ATH

[Bob Diamond @rediamondjr]

Important read---break out in RWA trading on-chain

[Hyperliquid Research Collective (HRC) @HyperliquidR]

2026 Hyperliquid Q2 Report

Today, we're excited to release Hyperliquid's 2026 Q2 Report.

While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it.

More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed.

Enjoy the read. Some excerpts below, with the link to the full PDF.

Hyperliquid.

[Bob Diamond @rediamondjr]

Clarity Act passing is important for financial services-full stop.

[Hyperliquid Strategies Inc @HypeStrat]

HSI Chair @rediamondjr on CNBC:

"Big banks and leading blockchains such as Hyperliquid can both be big winners long term"

[Hyperliquid Strategies Inc @HypeStrat]

HSI Chair @rediamondjr on CNBC:

"Big banks and leading blockchains such as Hyperliquid can both be big winners long term"

[Bob Diamond @rediamondjr]

listen carefully………the next big opportunity for banks is blockchain——and trading tokenized assets onchain——that means hyperliquid

[Squawk on the Street @SquawkStreet]

"Advisory is very, very strong, both with the big IPOs and the big national champion companies in the U.S."

Fmr. Barclays CEO @rediamondjr says the landscape looks "pretty darn good" for banks as earnings season gets underway:
https://t.co/B89ehd4w6q

[David Schamis @dschamis]

Once again @HyperliquidX & @tradexyz do a better job of predicting where a stock is going to trade post-IPO, and once again the bankers under-price the IPO to the benefit of the buyside!

@SKhynix IPO'd its ADR in the US. It was generally expected that it would trade at a premium to the Korean underlying. HL was saying >10% at the time of the pricing - it was priced at 3% and immediately jumped to 18%.

Again, this is money literally taken out of the existing shareholders' pockets and put into the pockets of the new shareholders'.

@hypestrat $PURR

[David Schamis @dschamis]

@eltoniselton @HyperliquidX @tradexyz @SKhynix Oh yes - I was carrying on about this for weeks leading up to the $SPCX IPO, expecting @elonmusk to be the kind of guy that was going to break this - I was (maybe not surprisingly) wrong.

https://t.co/ATTaciJtpU

[Bob Diamond @rediamondjr]

my note to the US Congress, to support a fabulous team at the US Export-Import Bank led by President and Chairman John Jovanovic

Letter from the Chairman of the Advisory Committee

As Chair of the EXIM Advisory Committee, I want to make one point clear above all others: President and Chairman John
Jovanovic is bringing renewed urgency, discipline, and strategic focus to EXIM, and that momentum deserves Congress’s
full support.
EXIM is not simply a technical export-finance agency. It is one of America’s sharpest tools for competing and winning in
the global economy—strengthening competitiveness, supporting supply-chain resilience, advancing energy security, and
creating jobs at home. In a world where U.S. companies face increasingly aggressive state-directed competition abroad,
EXIM’s ability to move quickly, price competitively, and stand behind U.S. exporters has never mattered more.
Under Chairman Jovanovic’s leadership, the Bank is becoming more responsive to exporters and more closely aligned with
the realities of global competition. The companies we speak with are ready to win abroad, but they need a Bank that can
act with speed, flexibility, and conviction. Chairman Jovanovic is moving EXIM in exactly that direction.
Congress should reinforce this progress. Timely reauthorization, adequate resources, and removal of statutory constraints
such as the 2% default-rate trigger would give Chairman Jovanovic and his team the tools they need to execute for U.S.
companies, U.S. workers, and U.S. exports.
This is a moment to back effective leadership and strengthen one of America’s most important instruments of commercial
diplomacy because supporting Chairman Jovanovic means supporting American companies as they compete and win
around the world.
Sincerely,

Bob Diamond
Chairman, Advisory Committee of the Export-Import Bank of the United States

[Bob Diamond @rediamondjr]

strong performance by our validator-Hyperliquid Strategies x Unit-execution, execution, execution

[Hyperliquid News @HyperliquidNews]

The validator run by @unitxyz x @HypeStrat has climbed to 3rd place among non-foundation validators.

It now secures 22,419,906 hyperliquid:native, worth approximately $1.388B.

[Bob Diamond @rediamondjr]

great summary from an experienced and respected authority, former President of the Boston Fed, FOMC member. Thanks Eric.
@ColbyCollege

[Eric Rosengren @EricSRosengren]

The WSJ article on hyperliquid is a good overview. The world will be quickly moving to efficient low cost 24-7 trading of real world financial assets not just crypto assets. The liquidity is moving to decentralized exchanges and away from more costly centralized exchanges .

[Bob Diamond @rediamondjr]

War, Oil, and the AI Offset  - our latest update in Worth - no one is better in laying out the framework for investing than my long time partner at both Barclays and Atlas Merchant Capital, Larry Kantor

https://t.co/QSvijpciUr

[Bob Diamond @rediamondjr]

THE BEST MANAGED DAT @HypeStrat

[The Rollup @therollupco]

Rob is worried about getting the HYPE trade right but picking the wrong DAT vehicle.

Andy points at the @HypeStrat dashboard and explains why it's not a concern:

"@dschamis is executing like a savage, proven at scale. Not buying the top like all the other hype DATs. Selling at highs. Raising cash. Buying HYPE on the dip."

"Last week: 130M in PURR shares issued through the ATM, 1.5M HYPE bought, cash up 43M, 22.3M HYPE held."

"The guy's dialed. Don't worry Rob, just worry about your ETH position."

[Bob Diamond @rediamondjr]

Real time price discovery and liquidity on Hyperliquid while traditional markets are closed over a long weekend.

24 hour markets are here to stay