Appreciated the opportunity to speak on Bloomberg Crypto today about CME’s lawsuit against the CFTC.
The case is easy to understand: customers want perps, and many are willing to trade offshore to access them. Crypto perps have already won against crypto futures globally. CME’s crypto futures will struggle to compete with the liquidity and usability of true perps.
CME argues that perps are not futures because they do not expire. But in practice, the expiry is not what users care about. What traders want is a liquid, directional instrument for expressing a view on price movement without managing roll risk or contract expiration.
That is already how many modern futures function. Cash-settled futures are not primarily about physical delivery: they are standardized instruments for taking price exposure. Requiring an expiry for its own sake is artificial and hurts consumers.
Crypto perps should be able to use the lighter futures regulatory framework, rather than being forced into the swaps regime, because their risk profile is fundamentally futures-like. Perps and futures both involve standardized contracts, centralized clearing, margining, and offsetting payments. The CFTC is correct
to match the risk of the product with the appropriate regulatory regime rather than grasping at technical distinctions.
We appreciate the leadership of @ChairmanSelig in taking initiative to regulate and onshore products that consumers actually want. Clear US regulation is ultimately what'll be pro-consumer, pro-innovation.
Hyperliquid, a decentralized crypto platform, is open 24 hours a day, seven days a week. The exchange has emerged this year as a go-to spot for Wall Street’s weekend warriors. https://t.co/3RFisC8oso
why i am so bullish on crypto, in "defense of the ideological"-
i recently watched the video of the first public appearance for jensen and elon together, which was at GTC 2015 more than ten years ago. by this time, jensen had already made his iconoclastic bet on parallel graphics processing for over twenty years, and on CUDA since 2006. musk had his hassabis moment in 2012. yet openAI was not yet founded (would be ~9 months later), and GDX-1 would be announced at GTC the following year too
this is that narrow window where a revolution is visible to some but not others, in which both of these geniuses had early inklings of recognizing AIs pervasive potential, but the broad public was not yet made aware. it would take another 10 years for it reach mainstream applications of course
i broadly think of the crypto industry being the same place today. just as there were brilliant minds who understood the revolution that would come from the GPU paradigm, there was simply no large scale consumer demand that required its objective superiority for decades to come. instead, it was picked up by hobbyists (ie gamers) who enjoyed a sense of self-determination by pushing the boundaries of their passion, tinkering, sharing, and researching. in a rather strange way, gamers subsidized AI's development, just like early defi subsidized the institutional tokenization development.
during the GTC 2015 interview, elon tells jensen something interesting: the 0-10 mph autonomous driving is very easy to solve because the car can be stopped. the 50+ mph zone is also easy to solve because there are rules of engagements at that speed that dont have as many randomness. the hardest part to solve is actually the 10-50mph, what i call the "the middle game" where a car in an urban setting with bikes, children, cones, manholes, create all kinds of need for precision and speed that sensors today need to develop further. it's fundamentally solvable, but this is the most challenging portion of fulfilling the dreams of autonomous driving
this is where crypto is today. the 0-10mph was easy because people can understand why permissionless money is useful from a practical sense to start developing. the 50mph+ will also be really easy because by that point, onchain capital markets is going to be so obvious that you could never go back with all the benefits of self custody, capital efficiency, money velocity/rest optimizations. but its the 10-50 thats hard, where money in a pre-internet financial infrastructure is hitting AML/KYC, offshore capital conduits, discretionary bank risk models, lagging reporting regimes create all kinds of need of need for precision and speed that institutional infrastructure today needs to develop further. its fundamentally solvable, but this is the most challenging portion of fulfilling the dreams of onchain capital markets
i love bitcoin. but contrary to some opinion, i believe its possible to love crypto too, because bitcoin is a monetary experiment enabled by the evolution of technology, while most of crypto is the inverse: a technology experiment enabled by the evolution of money. they are fundamentally solving different problems, though rooted in one ideal: to make its access as much of a public good as possible
this is why crypto is going to be such an important force for the future during this "narrow window" for those can can see it. and while most early pioneers got into the game because of the ideology behind decentralization, it's time to admit that the winning ideology is technological financialization: it is hyperfinancialization with elements of decentralization that exports sovereign finance as a public good, decentralizes agentic rails for humanity as a public good, promote self-determination as a public good.
this is worth fighting for, and im excited to recommit my focus to these ideals that began my crypto journey. this "middle game" period will be remembered as the most critical juncture for the industry and for anyone who is doubting the industry at this time, i hope reading this helps you reanchor your beliefs for what you are actually fighting for, and more importantly, know that you can play a meaningful part in the revolution too
the future belongs to those who recognized it was always ideological
3.7M global advocates. 1.5M U.S. lawmaker contacts. 50 State Chapters & 30 College Chapters.
@brian_armstrong has a message to the SWC community: the Clarity Act is on the one-yard line thanks to your support.
Your voice matters, keep fighting — the job's not finished.
30 students. 19 states. One movement.
SWC was proud to host our first College Fly-In for student advocates from across the country. Over a packed day filled with insights from top crypto policy leaders, the next generation made their voices heard where it matters most.
🚀 30 student crypto advocates have landed in DC!
Representing 27 schools across the country, our College Fly-In is kicking off — including a visit to the White House EEOB, a reception with @BlockchainAssoc, @AIPLeads, and @SolanaInstitute, and a tour of Capitol Hill.
The next generation of crypto leaders is here. Let's go. 🇺🇲
From college campuses to the White House EEOB: Today, SWC advocates are getting an inside look at crypto policy in Washington — proving the next generation has a seat at the table.
To close out the day, we're bringing together our 30 student leaders from 19 states with some of the top minds in crypto policy. Stay tuned ➡️
This past week, our members flew out to @EthereumDenver 2026.
We connected with founders, VCs, developers, and operators building the future of crypto.
Huge thanks to @polymarket and @standwithcrypto for making this trip possible!
#EthDenver
Hyperliquid today looks very different from Hyperliquid a year ago. This time last year, the HyperEVM hadn’t even launched, and there were only a handful of early believers building exclusively on Hyperliquid. Now, there are hundreds of teams building, dozens of regional communities with local events, and trillions more in volume traded.
This was achieved without any external funding and giving all protocol fees to the community. Hyperliquid was built with a strong belief in returning to the core ethos of crypto - changing entrenched and predatory practices to be fair and permissionless.
This art piece is meant to celebrate Hyperliquid’s growing ecosystem and commemorate how far we’ve come as a community in building the house of all finance. You’ll find many of your favorite apps and teams interwoven in the piece if you zoom in. A special thank you to @Degen_Alfie for bringing the community to life. Many great teams didn’t make it due to limited space and time, but your contributions have not gone unnoticed!
Notable product and tech releases in 2025 included:
+ HyperEVM launch with HyperCore composability via precompiles and CoreWriter
+ Spot assets bridged by Unit
+ Fully permissionless validator set
+ Native utility to staking, with fee discounts for traders and permissionless HyperCore deployment capabilities for builders
+ Permissionless spot quote assets
+ Hypurr NFTs
+ USDH governance vote and launch by Native Markets
+ HIP-3 permissionless perp deployment
+ Native USDC integration
+ Portfolio margin pre-alpha launch
+ Assistance Fund HYPE officially burned
Compared to 2024, ATHs in 2025 reached:
+ $32B in 24h volume from $15B in 2024
+ $16B in open interest from $4B
+ $6B in TVL from $2B
+ $20M in 24h protocol revenue from $3.5M
+ 1.4M users from 300k
Excited to see what the ecosystem looks like another year from now. Thank you to all the builders, users, and supporters who have come together to push forward Hyperliquid’s vision.
This past weekend we flew out our members to the @MBC_Conference
Our members were able to network with top crypto companies, participate in the hackathon, and engage with like-minded students.
Huge thanks to the @college_xyz team for this amazing opportunity!
Spreading the gospel of Hyperliquid, the most exciting story in crypto, to the traditional finance world
It's always a pleasure to be on @cnbc with @BeckyQuick and Joe Kernan
Our stock starts trading this morning with the ticker $PURR
Hyperliquid
@HyperliquidX@HypeStrat@SquawkCNBC@rediamondjr