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Hyperliquid News
Hyperliquid, the decentralized exchange that processed more than $250 billion in perpetual futures volume last month, has established a Washington, D.C.-based nonprofit to advocate for regulatory frameworks governing decentralized finance. The Hyperliquid Policy Center will focus on rules for decentralized exchanges, perpetual futures markets, and blockchain-based market infrastructure, accordingto a Wednesday press release.
Jake Chervinsky, a prominent crypto attorney and former policy head at the Blockchain Association, will serve as the organization’s founder and CEO. Chervinsky previously led the legal team at Variant Fund, where he remains as an advisor, and holds a board seat at the Blockchain Association. His background in both legal practice and institutional crypto policy positions him as a familiar figure to congressional staff and federal regulators.
The Hyper Foundation is contributing 1 million $HYPE tokens, worth approximately $29 million at current prices, to fund the launch. That figure exceeds the $5.6 million the Digital Chamber spent in 2024 and the $8.3 million spent by the Blockchain Association over the same period, according to public filings, though it falls short of the commitment made to last year’s Ripple-backed National Cryptocurrency Association at launch.
Perpetual futures, which allow traders to hold leveraged positions without an expiration date, are widely used on offshore platforms but remain in a legal gray area under U.S. law. Hyperliquid’s exchange handles these instruments entirely on-chain, settling trades without a central intermediary or traditional clearing house. The platform recorded more than $6.6 billion in spot volume alongside its perpetuals activity over the past month, accordingto DefiLlama data.
“Financial markets are migrating onto public blockchains because they offer efficiency, transparency and resilience that legacy systems cannot match,” Chervinsky said in a statement. He framed U.S. regulatory action as a binary choice between either adopting frameworks that allow the technology to develop domestically or watching other nations capture the opportunity.
The new organization enters a Washington crypto-policy landscape already occupied by the DeFi Education Fund, the Solana Policy Institute, the Digital Chamber, the Blockchain Association, and the Crypto Council for Innovation. Senate committees have been advancing legislation to broadly regulate digital assets, though unresolved issues, including how to treat stablecoin rewards, have complicated progress on measures like the CLARITY Act.
The Hyperliquid Policy Center plans to brief lawmakers, publish technical research, and advocate for rules designed specifically for decentralized systems rather than adapted from frameworks built for centralized intermediaries.
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