Hyperliquid (HYPE), a blockchain-based exchange that processed more than $250 billion in perpetual futures trading last month, has launched a US research and lobbying arm aimed at shaping how lawmakers regulate decentralized finance (DeFi).
The Hyperliquid Policy Center, a Washington, D.C.-based nonprofit, will focus on regulatory frameworks for decentralized exchanges, perpetual futures, and blockchain-based market infrastructure, according to a Wednesday press release.
Jake Chervinsky, a prominent crypto lawyer and former head of policy at the Blockchain Association, will be the founder and CEO.
The launch comes as Congress and federal agencies debate how to oversee cryptocurrency trading platforms and derivatives markets. Perpetual futures, which allow traders to hold leveraged positions with no expiration date, are widely used offshore but remain a gray area under US law.
The arrival of a new group also represents just the latest entrant in a Washington crypto policy scene that’s packed with similar organizations, including the DeFi Education Fund and the Solana Policy Institute, in addition to broader groups like the Digital Chamber, the Blockchain Association, and the Crypto Council for Innovation. And the new organization lands as negotiations on Senate legislation that could set US DeFi policy are underway.
Hyperliquid operates a decentralized exchange that allows users to trade perpetual futures directly on blockchain rails without a central intermediary. Instead of routing trades through a traditional broker or clearinghouse, transactions are settled on-chain.
The platform has become one of the fastest growing venues in the crypto derivatives space. It handled more than $250 billion in perpetual trading volume and $6.6 billion in spot volume over the past month, DefiLlama data shows.
“Financial markets are migrating to public blockchains because they offer efficiency, transparency and resiliency that legacy systems cannot match,” Chervinsky said in a statement.
“Now the United States must choose: we can adopt new rules that allow this innovation to flourish here at home, or we can wait and watch as other nations take advantage of the opportunity,” he added.
The new policy group plans to brief lawmakers, publish technical research and advocate for rules tailored to decentralized systems, according to the press release.
The Hyper Foundation, which supports the Hyperliquid ecosystem, is contributing 1 million HYPE tokens, worth approximately $29 million, to fund the launch. While that’s less than what was pledged for last year’s launch of the Ripple-backed National Cryptocurrency Association, it’s far more than the $5.6 million the Digital Chamber spent in 2024 or the $8.3 million spent by the Blockchain Association, according to public documents.
