The US SEC Crypto Working Group held a formal meeting on July 14, 2026 with the Hyperliquid Policy Center, Trade.xyz operator XYZ Ltd. and elite law firm Sullivan & Cromwell to discuss the regulation of digital assets and on-chain derivatives markets.
No enforcement action was taken, but the meeting, described in an SEC memorandum, documents a formal SEC dialogue with Hyperliquid and its representatives regarding regulatory approaches.
SEC CRYPTO WORKING GROUP MEETS WITH HYPERLIQUID TEAM ON REGULATION!
Today, SEC staff met with the Hyperliquid Policy Center, Hyperliquid Labs, XYZ Ltd. and Sullivan & Cromwell to discuss cryptoasset rules and examine Hyperliquid’s technology, markets and ecosystem.
THE… pic.twitter.com/ERMMmd7fOS
— Crypto Banter (@crypto_banter) July 14, 2026
SEC CRYPTO WORKING GROUP MEETS WITH HYPERLIQUID TEAM ON REGULATION!The discussion focused on broader issues related to crypto asset regulation, with participants providing insight into the hyperliquid ecosystem and potential pathways for compliant access to on-chain markets.
This news came as Hyperliquid native token, HYPE, surged over +5% overnight, making it one of the best performers on the market today. It is trading at around $67, with a 24-hour trading volume of $433 million.
The $HYPE chart remains bullish.
Despite the slight break below the 21-day and 50-day MAs, there is no reason to expect a decline.
Break €60 and we will start to see a rally towards the highs, with $100 as a potential target. pic.twitter.com/P9XKNcXl0Q
– Michaël van de Poppe (@CryptoMichNL) July 15, 2026
Who was in the room
The meeting was requested by the participating organizations and not initiated by the SEC. CEO Jake Chervinsky and Bradley Bourque attended on behalf of the Hyperliquid Policy Center, while Hyperliquid Labs sent Jeff Yan and Iliensinc. Collins Belton represented XYZ Ltd., the entity behind Trade.xyz, a hyperliquid-based perpetual futures platform.
Sullivan & Cromwell LLP’s legal delegation included Colin D. Lloyd, Ashray Gautam, Natasha Vasan and Matthew H. Kalinowski. Participants submitted supporting documents for discussion; the SEC did not disclose their contents, according to the memorandum.
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What they argued and what the SEC didn’t say
SEC Crypto Working Group meets with Hyperliquid Policy Center and XYZ on crypto regulation
SEC Crypto Working Group staff met with representatives from the Hyperliquid Policy Center, XYZ Ltd. and Sullivan & Cromwell on July 14 to discuss approaches to cryptoasset regulation and a paper… pic.twitter.com/JodXizR5HT
— Wu Blockchain (@WuBlockchain) July 14, 2026
According to the SEC’s crypto memorandum, the discussion covered an overview of the Hyperliquid ecosystem, its protocol technology, its markets and key participants, as well as potential pathways for compliant access to on-chain markets.
A key point raised in the industry discussion concerns the distinction between infrastructure providers (e.g. protocols, self-custodial wallets) and entities that actively engage in exchanges.
The SEC has not made any regulatory decisions or commitments. This is a significant official commitment, not a green light.
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The SEC Crypto Task Force’s Broader Regulatory Push
The SEC meeting followed a joint comment submitted by the Hyperliquid Policy Center and Phantom to the CFTC on July 9, requesting exemptions for on-chain software developers and self-custodial wallets from the outdated registration rules.
This simultaneous engagement with major US regulators highlights Hyperliquid’s proactive stance compared to other DeFi protocols that have not collaborated with regulators.
Against this backdrop, President Trump and Republican lawmakers are advocating for the CLARITY Act, which aims to clarify the regulatory responsibilities of the SEC and CFTC regarding digital assets and provide legal certainty for developers.
The SEC Crypto Working Group also met with industry participants, with Hyperliquid’s meeting notable for directly representing an on-chain perpetual venue.
For HYPE holders, this regulatory commitment reduces uncertainty. A protocol that actively influences regulation faces a different risk profile than a passive protocol, which may lead to more favorable outcomes.
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The article Hyperliquid Lawyers Just Met with the SEC’s Crypto Unit: Here’s What Happened appeared first on 99Bitcoins.
