Hyperliquid (HYPE), a blockchain-based exchange that processed more than $250 billion in perpetual futures trading last month, has launched a US lobbying and research arm aimed at shaping how lawmakers regulate decentralized finance (DeFi).
The Hyperliquid Policy Center, a Washington, DC-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 attorney and former head of policy at the Blockchain Association, will serve as founder and CEO.
The launch comes as Congress and federal agencies debate how to oversee crypto trading platforms and derivatives markets. Perpetual futures, which allow traders to hold leveraged positions without an expiration date, are widely used in offshore venues but remain a gray area under US law.
The arrival of a new group also represents just the latest entrant into a cryptopolitical scene in Washington that is filled with similar organizations, including the DeFi Education Fund and the Solana Policy Institute, in addition to the broader groups such as the Digital Chamber, the Blockchain Association, and the Crypto Council for Innovation. And the new organization lands as negotiations are well underway on Senate legislation that could set US DeFi policy.
Hyperliquid operates a decentralized exchange that lets users trade perpetual futures directly on blockchain rails without a central intermediary. Instead of routing trades through a traditional broker or clearing house, transactions are settled on-chain.
The platform has emerged as one of the fastest growing venues in crypto derivatives. 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 resilience that legacy systems cannot match,” Chervinsky said in a statement.
“Now the United States must choose: We can either adopt new regulations that allow this innovation to flourish at home, or we can wait and see when other nations seize the opportunity,” he added.
The new policy group plans to brief lawmakers, publish technical research and advocate for regulations tailored to decentralized systems, the press release said.
The Hyper Foundation, which supports the Hyperliquid ecosystem, is contributing 1 million HYPE tokens worth about $29 million to fund the launch. While that’s less than what was committed to the launch last year by the Ripple-backed National Cryptocurrency Association, it’s much more than the $5.6 million spent by the Digital Chamber in 2024 or the $8.3 million spent by the Blockchain Association, according to public filings.
