On February 18, 2026, Hyperliquid, the decentralized exchange that recently processed over $250 billion in monthly perpetual futures volume, announced the official launch of the Hyperliquid Policy Center (HPC) in Washington, DC. This new nonprofit research and advocacy group is supported by a substantial donation of one million HYPE tokens from the Hyper Foundation, currently valued at approximately $29 million. The organization is led by veteran crypto attorney Jake Chervinsky, who is the founding CEO after holding leadership positions at the Blockchain Association and the Variant Fund. HPC’s core mission is to bridge the growing gap between the analog-era financial laws that currently govern the United States and the next-generation market infrastructure represented by decentralized finance (DeFi). By establishing a permanent presence in the capital, Hyperliquid aims to provide lawmakers and federal agencies with a sophisticated technical resource that advocates regulatory frameworks specifically designed for blockchain systems rather than those tailored from centralized intermediaries.
Establishing a legal path for perpetual derivatives and on-chain infrastructure
One of the central goals of the Hyperliquid Policy Center is the legalization and regulation of perpetual futures contracts in the US domestic market. Despite their immense popularity in offshore markets, perpetual derivatives remain in a complex legal gray area under current U.S. law, largely due to the lack of a central clearinghouse in decentralized models. Chervinsky and his founding team, which includes Policy Advisor Brad Bourque and Policy Director Salah Ghazzal, intend to propose concrete registration and exemption models that would allow these high-speed, 24/7 marketplaces to legally thrive on U.S. soil. The HPC argues that the transparency and resilience inherent in blockchain settlement offers a superior alternative to existing systems, provided regulators can move beyond the “regulation by application” approach that has defined recent years. The center plans to publish rigorous technical research and brief Congressional staff on how decentralized protocols can fulfill the fundamental mandates of market integrity and investor protection without sacrificing the benefits of self-custody and permissionless access.
Strategic calendar amid Senate debate on CLARITY Act
The launch of HPC comes at a critical time for digital asset policy, as the U.S. Senate continues to deliberate on the Digital Asset Market Clarity Act. Although the executive branch has signaled support for the bill, unresolved questions regarding the treatment of decentralized exchanges and stablecoin rewards have threatened to block progress. Chervinsky’s new organization joins a growing lobbying group, including the DeFi Education Fund and the Solana Policy Institute, but HPC’s $29 million war chest makes it one of the best-capitalized single-protocol initiatives in the industry’s history. The center is currently hiring for several key leadership positions, including a government relations manager and a communications manager, to manage its growing influence on Capitol Hill. As the 2026 legislative session heads toward a final vote, the Hyperliquid Policy Center is making a high-stakes bet that the future of global finance will be decentralized and that the United States must either adopt a clear path for DeFi or risk losing its competitive advantage to more nimble international jurisdictions.
Karthik Subramanian is a founder, writer and technology consultant with nine years of experience in the crypto ecosystem. It covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody and the bridge between crypto and forex: brokerage technology, liquidity and macro engines. Karthik’s writings focus on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside the realities of the foreign exchange market.
