Hyperliquid Meets SEC Crypto Task Force in Landmark Talks

Representatives from Hyperliquid's policy arm, the trade.xyz development team, and law firm Sullivan & Cromwell met with the SEC's Crypto Task Force to discuss how federal rules could apply to decentralized perpetuals and onchain market infrastructure.

According to the task force's official memorandum, the group reviewed Hyperliquid's protocol technology and market structure. The meeting was initiated by a formal request letter signed by Sullivan & Cromwell partner Natasha Vasan on behalf of the participants.

Attendees included Hyperliquid Policy Center CEO Jake Chervinsky, Hyperliquid founder Jeff Yan, and Collins Belton, product lead at XYZ Ltd. — the primary HIP-3 deployer behind Hyperliquid's 24/7 perpetual contracts.

The SEC outreach came days after Hyperliquid Policy Center and Phantom filed a joint comment with the CFTC on July 9, answering the agency's June 18 request for information on modernizing derivatives rules. The comment urged the CFTC to exempt onchain software developers and self-custodial wallets from legacy intermediary registration requirements, arguing that writing software is not equivalent to operating a market. The center said the right rules could keep U.S. builders at home and give customers more control over their funds.

Hyperliquid Policy Center launched in February 2026 as an independent 501(c)(4) focused on building a compliant path for Americans to access onchain derivatives. This week's SEC meeting is among its highest-profile regulator interactions to date.

The meetings come as Hyperliquid remains a leading venue in decentralized perpetuals trading. Regulators' attention reflects growing interest in high-performance onchain markets that run continuously, including weekends.

HYPE changed hands near $65 with intraday gains after the news, as investors weighed potential regulatory tailwinds. Additional public comment periods or follow-up sessions are expected as the SEC Crypto Task Force continues gathering industry input. The talks mark a shift toward direct dialogue between onchain builders and U.S. policymakers.