Hyperliquid Policy Center

Americans deserve onchain markets.

[Hyperliquid Policy Center @HyperliquidPC]

Equity perpetuals are here: Americans can now trade perpetual futures on individual stocks listed on U.S. exchanges for the first time.

The @CFTC deemed the contracts approved as security futures, which the CFTC and @SECGov regulate jointly. U.S. investors get the protections of both agencies, the oversight Congress intended when it created a dedicated regime for security futures products.

In our August comment letter, we made the case that security futures treatment is the best path for these markets to flourish. Both CFTC- and SEC-regulated exchanges can list security futures, so venues primarily overseen by either agency can compete to offer this new class of product. That competition will improve outcomes for investors.

Equity perpetuals expand the tools that market participants can use to manage risk and take positions on securities in a single contract that never expires. We commend the staff of both agencies for this milestone in our derivatives markets.

[Mike Selig @ChairmanSelig]

Today, equity perps can begin trading for the first time on @CFTC registered exchanges.

This move reflects my commitment to ensuring that America’s markets remain the most innovative, liquid, and well-regulated in the world. Instead of being forced to turn to offshore, unregulated venues to access equity perpetual futures, Americans may now access equity perps on CFTC-regulated markets subject to robust safeguards.

I appreciate the continued partnership of @SECGov and @SECPaulSAtkins as we work to further harmonize our agencies' regulatory initiatives.

[Hyperliquid Policy Center @HyperliquidPC]

Hyperliquid Policy Center is hiring Legal Interns for Summer 2027.

If you’re a rising 2L or 3L, join our team in DC to work on the legal and policy questions shaping how Americans access onchain markets.

Apply here: https://t.co/XpvliymRmU

[Hyperliquid Policy Center @HyperliquidPC]

Today, HPC filed a comment letter asking the @CFTC to bring compute perpetual contracts to U.S. markets.

Data centers, their lenders, and the AI developers that rent compute all carry price risk, and the exposure runs around the clock with no fixed end date. Our comment explains why compute meets the test for a successful futures market and why perpetual contracts fit an exposure that never expires.

Read it here:

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/yBxSxUnePd

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/yBxSxUnePd

[Hyperliquid Policy Center @HyperliquidPC]

Today, HPC filed a comment letter supporting the @SECGov’s proposed Regulation Crypto Assets and recommending five refinements before the Commission adopts it.

For years, builders could not tell when the securities laws applied to their tokens, and many launched abroad or excluded Americans. The proposal gives them a federal path: offerings of up to $75 million a year, a safe harbor for tokens that no longer depend on their developers, and relief from state-by-state registration.

Read it here:

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/W2mcAd8wfm

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/W2mcAd8wfm

[Hyperliquid Policy Center @HyperliquidPC]

HPC spent last week in Singapore with the people building onchain markets. Our team joined the Hyperliquid community event, TOKEN2049, DAS Asia, and HypurrCo Gathers. The best part of the week was meeting the builders in person.

Every conversation in Singapore reinforced the same point: onchain perpetuals are traded all over the world, and our job is to make the case for bringing that market to America.

Thank you to @HyperliquidX, @token2049, @blockworksDAS, @hypurr_co, and everyone who spent time with us last week. We are back in Washington, and back to work.

[Hyperliquid Policy Center @HyperliquidPC]

The @CFTC just took an important step toward adopting a federal rulebook for crypto market structure: the Commission proposed rules for exchanges that let Americans trade crypto with leverage, including a new type of CFTC registration that is fit for purpose.

An exchange’s regulatory path would follow its product set: (1) state licensing for spot trading, backstopped by the CFTC's anti-fraud and anti-manipulation authority; (2) CFTC registration for leverage under rules written for crypto; and (3) the existing DCM framework for perps and other derivatives. Builders shipping code onchain, and the Americans using it, would know where they stand under federal law.

Separately, the CFTC is working directly with builders to develop lawful pathways for onchain markets in the United States, and is drafting a policy so that developers who publish software but do not take orders, control execution, or hold customer assets would not have to register as brokers.

Thank you to @ChairmanSelig and the CFTC staff for the effort behind today's proposal and for putting onchain markets on the agenda.

[Mike Selig @ChairmanSelig]

🚨 BREAKING NEWS 📺

[Hyperliquid Policy Center @HyperliquidPC]

Yesterday, HPC responded to @EU_Finance’s review of MiCA, our first filing outside the U.S., urging the Commission to build on existing EU rules for onchain markets.

The EU wrote the first rulebook for crypto-asset markets. Its review now asks which rulebook governs perpetual futures, one of the most traded derivative products in the world.

Our position: perpetual futures belong under MiFID II, the EU’s framework for derivatives, regardless of how they are recorded or what asset class they reference. Applying MiFID II with attention to how onchain markets work will give EU investors access to regulated markets that are deeper, continuously margined, and verifiable by anyone.

Read it here:

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/dIMP5DOaZr

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/dIMP5DOaZr

[Hyperliquid Policy Center @HyperliquidPC]

Today, the @CFTC took an important step toward bringing regulated onchain markets to the United States: firms can now keep required records on a public blockchain without being required to maintain a separate offchain copy.

The CFTC also clarified that firms can invest customer funds in tokenized versions of investments that are already permitted.

That matters because a regulated firm can now use a public blockchain as its system of record, where every entry is transparent, tamper-evident, and verifiable by anyone. Those are the assurances the CFTC’s recordkeeping rules exist to provide, and public blockchains deliver them by design.

In July, HPC and @phantom asked the CFTC to provide this clarity. Today, the CFTC delivered.

[Mike Selig @ChairmanSelig]

Pleased to see staff update these frequently asked questions consistent with the agency’s ongoing efforts to provide regulatory clarity for the crypto industry.

More 👇

[Jake Chervinsky @jchervinsky]

Onchain finance isn’t a rebrand for DeFi. It’s a new product category built with one goal in mind: competition.

DeFi takes trust out of finance. Onchain finance adds some back in to make the best product. @RebeccaRettig1 and I explain in @FortuneMagazine:
https://t.co/WFBfmcajRO

[Danielle M Beck @daniellebeck_dc]

Excited to share that I’ve joined @HyperliquidPC as Head of Government Relations.

After more than a decade working at the intersection of policy, agriculture, commodities, and advocacy, I’m looking forward to bringing that experience to a new set of challenges.

There’s a real opportunity to shape how onchain markets develop in the U.S., and to make sure the policy frameworks around them are clear, workable, and informed by the people and industries that rely on our markets every day.

Thrilled to be working with HPC’s rockstar team, @jchervinsky, @adam_minehardt, @salahghazzal, @BradBourque, @itsgolovina, and @siannabird!

[Hyperliquid Policy Center @HyperliquidPC]

Today, we filed an amicus brief in CME v. Selig with a @CooleyLLP team led by former Solicitor General Elizabeth Prelogar, urging the court to grant the @CFTC's motion to dismiss.

For years, Americans were pushed offshore to trade perpetual futures. This spring, the @CFTC opened the door at home. In June, CME sued to close it. That anticompetitive effort must fail.

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/FUCPDDYfCV

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/FUCPDDYfCV

[Hyperliquid Policy Center @HyperliquidPC]

"We have a window of opportunity here where we can actually move the needle and get these products into the United States in a regulated fashion, and then build up the most liquid markets in the world."

@jchervinsky on The Rollup. Full interview below.

[The Rollup @therollupco]

Hyperliquid Is Set To Enter The US Market Imminently (Necessary Steps Explained) with @HyperliquidPC CEO @jchervinsky

Timestamps:
00:00 Intro
02:03 The Press Conference Surprise
04:03 Founding The Hyperliquid Policy Center
07:45 Why Perps Beat Traditional Futures
11:00 CFTC Already Approved Perps
14:16 Crawl Walk Run Approach
20:06 One Shared Liquidity Venue
22:25 HIP-3* Markets Explained
31:37 The Silver Market Breakout
34:03 Stablecoins And The Genius Act
36:12 Circle & Hyperliquid USDC Deal
41:16 Bottom Up Vs Top Down Regulation

[The Rollup @therollupco]

Hyperliquid Is Set To Enter The US Market Imminently (Necessary Steps Explained) with @HyperliquidPC CEO @jchervinsky

Timestamps:
00:00 Intro
02:03 The Press Conference Surprise
04:03 Founding The Hyperliquid Policy Center
07:45 Why Perps Beat Traditional Futures
11:00 CFTC Already Approved Perps
14:16 Crawl Walk Run Approach
20:06 One Shared Liquidity Venue
22:25 HIP-3* Markets Explained
31:37 The Silver Market Breakout
34:03 Stablecoins And The Genius Act
36:12 Circle & Hyperliquid USDC Deal
41:16 Bottom Up Vs Top Down Regulation

[trade.xyz @tradexyz]

Our joint comment letter with @HyperliquidPC asks the @CFTC to open a regulated U.S. path for energy perpetuals and 24/7 trading.

During this year’s oil shocks, our energy markets stayed open while benchmark markets were closed. They gave the world a live price as events unfolded. On many weekends, trade[XYZ] was the primary venue for price discovery.

The events that shape our global economy rarely wait for markets to open. 24/7 markets are a natural evolution for a global economy in constant flux.

The U.S. has an opportunity to lead by giving perpetuals a clear and credible regulatory home.

[Hyperliquid Policy Center @HyperliquidPC]

Perpetual contracts were not on the agenda at the @CFTC's first Innovation Advisory Committee meeting, but they still came up in every session, in a room with some of the biggest names in finance.

Today, we submitted a statement supporting the Commission's work to bring perpetual futures markets onshore and keep them at the center of the innovation agenda.

Read it here:

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/FK27WqacnD

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/FK27WqacnD