The SEC's Crypto Task Force held a direct meeting with representatives from the Hyperliquid Policy Center, trade.xyz (XYZ Ltd.), and Sullivan & Cromwell LLP to discuss regulatory approaches for crypto assets and decentralized perpetual markets. The session was requested in a formal letter signed by Sullivan & Cromwell partner Natasha Vasan on behalf of the group, according to the official meeting memorandum issued by the Task Force. This engagement reflects a maturing phase in U.S. crypto policy, where leading builders are moving from offshore innovation to direct dialogue with Washington regulators.
SEC Task Force Reviews Hyperliquid Protocol Technology and Market Infrastructure
Participants reviewed the Hyperliquid protocol's technology and market infrastructure during the session, according to the official meeting memorandum issued by the Task Force. Key attendees included Hyperliquid Policy Center CEO Jake Chervinsky, Hyperliquid founder Jeff Yan, and product lead Collins Belton from XYZ Ltd., the primary HIP-3 deployer powering 24/7 perpetual contracts on the platform. The meeting memorandum was published by the SEC Crypto Task Force.
Hyperliquid Policy Center and Phantom Submit Joint CFTC Comment on July 9
The meeting came days after the Hyperliquid Policy Center, together with non-custodial wallet Phantom, submitted a detailed joint comment to the CFTC urging the agency to exempt onchain software developers and self-custodial wallets from legacy intermediary registration rules. That July 9 filing responded to the CFTC's June 18 Request for Information on modernizing derivatives regulation, creating a rapid engagement with both major U.S. regulators in the same week.
Hyperliquid Policy Center Launched in February 2026 as Independent 501(c)(4)
The Hyperliquid Policy Center launched in February 2026 as an independent 501(c)(4) organization focused on building a compliant path for Americans to access onchain derivatives. The meeting marks one of its most visible engagements with the SEC since inception. Hyperliquid has established itself as a major force in decentralized perpetuals trading, operating continuously including weekends.
HYPE Trades Near $65 with Intraday Gains Following Meeting News
HYPE responded positively to the news, trading near $65 with intraday gains as investors priced in potential regulatory tailwinds for the ecosystem. The Crypto Task Force is actively soliciting industry input, and further public comments or follow-up sessions are expected in the coming months as regulators work toward practical frameworks.
FAQ
What did the SEC Crypto Task Force discuss with Hyperliquid representatives?
The SEC's Crypto Task Force held a direct meeting with representatives from the Hyperliquid Policy Center, trade.xyz (XYZ Ltd.), and Sullivan & Cromwell LLP to discuss regulatory approaches for crypto assets and decentralized perpetual markets. Participants reviewed the Hyperliquid protocol's technology and market infrastructure, according to the official meeting memorandum issued by the Task Force.
When did the Hyperliquid Policy Center submit its CFTC comment?
The Hyperliquid Policy Center, together with non-custodial wallet Phantom, submitted a detailed joint comment to the CFTC on July 9. That filing responded to the CFTC's June 18 Request for Information on modernizing derivatives regulation, urging the agency to exempt onchain software developers and self-custodial wallets from legacy intermediary registration rules.
How did HYPE respond to the SEC meeting news?
HYPE responded positively to the news, trading near $65 with intraday gains as investors priced in potential regulatory tailwinds for the ecosystem.
