Hyperliquid (HYPE), a blockchain-based exchange that processed more than $250 billion in perpetual futures transactions last month, has launched a U.S. lobbying and research arm aimed at shaping how lawmakers regulate decentralized finance (DeFi).
The Hyperliquid Policy Center, a nonprofit organization based in Washington, D.C., will focus on regulatory frameworks for decentralized exchanges, perpetual futures and blockchain-based market infrastructure, according to a press release issued Wednesday.
Jake Chervinsky, a prominent crypto attorney and former policy officer 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 contracts, which allow traders to hold leveraged positions without an expiration date, are widely used in offshore markets but remain a gray area under U.S. law.
The arrival of a new group also represents just the latest addition to the Washington crypto policy scene that is teeming with similar organizations, including the DeFi Education Fund and the Solana Policy Institute, in addition to broader groups such as the Digital Chamber, the Blockchain Association, and the Crypto Council for Innovation. And the new organization comes as negotiations are well underway on Senate legislation that could define U.S. policy on DeFi.
Hyperliquid operates a decentralized exchange that allows users to trade perpetual futures contracts directly on the blockchain without a central intermediary. Instead of routing trades through a traditional broker or clearinghouse, trades are settled on-chain.
The platform has become one of the fastest growing sites in the crypto derivatives space. It processed more than $250 billion in perpetual trading volume and $6.6 billion in spot volume over the past month, according to data from DefiLlama.
“Financial markets are migrating to public blockchains because they provide efficiency, transparency and resilience that legacy systems cannot match,” Chervinsky said in a statement.
“Now the United States must choose: Either we can adopt new rules that allow this innovation to flourish here at home, or we can wait and watch while other countries seize the opportunity,” he added.
The new policy group plans to inform lawmakers, publish technical research and advocate for rules tailored to decentralized systems, the press release said.
The Hyper Foundation, which supports the Hyperliquid ecosystem, is contributing one million HYPE tokens, worth approximately $29 million, to fund the launch. While that’s less than was committed to last year’s launch of the Ripple-backed National Cryptocurrency Association, it’s far 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.
