| What to Know: - HPC targets U.S. DeFi rules, prioritizing compliant pathways for perpetual derivatives. - Elevates ad hoc commentary into a standing Washington program focused on market structure. - Aims to clarify onshore compliance while giving developers and venues predictable guardrails. |
Hyperliquid’s new Hyperliquid Policy Center (HPC) is designed to shape U.S. rules for decentralized finance by concentrating on a compliant pathway for perpetual derivatives, as reported by Fortune (https://fortune.com/2026/02/18/hyperliquid-launches-defi-focused-policy-shop-led-by-prominent-crypto-lawyer-jake-chervinsky/). The move elevates DeFi engagement in Washington from episodic commentary to a standing policy program focused on market structure.
Perpetual derivatives are crypto-native instruments that track an asset’s price without expiry and rely on funding-rate mechanics to anchor prices. They frequently trade on offshore venues but lack a clear U.S. regime; CoinDesk reported that Jake Chervinsky argues financial markets are migrating to blockchains and the U.S. must adopt new rules or risk being left behind (https://www.coindesk.com/policy/2026/02/18/hyperliquid-starts-defi-lobbying-group-with-usd29-million-token-backing). If HPC’s framework gains traction, onshore participants could see clearer compliance expectations while developers and venues receive more predictable guardrails.
Decrypt reported that Hyperliquid has established HPC in Washington, D.C., with prominent crypto lawyer Jake Chervinsky at the helm to influence U.S. DeFi regulation (https://decrypt.co/news-explorer?pinned=1318063&title=hyperliquid-launches-policy-center-in-dc-to-impact-defi-regulation-led-by-jake-chervinsky). The center is presented as a policy shop distinct from the trading venue, positioning itself to engage directly with policymakers on market-structure and compliance design.
The outlet also reported HPC is backed by roughly $29 million worth of HYPE tokens at launch, indicating resource depth for sustained policy engagement. That figure reflects token valuation at announcement and underscores a top priority: building legal pathways for perpetual derivatives alongside a broader DeFi policy agenda.
In early positioning, the report notes Chervinsky pushed back against proposals from Senate Democrats to require DeFi front ends to register and perform KYC, warning the U.S. Treasury Department could wield broad authority that might sideline domestic projects. The practical effect, if adopted, could be fewer U.S.-hosted interfaces and greater reliance on offshore access, though outcomes would depend on final statutory and rule text.
“Financial markets are migrating onto public blockchains because they offer efficiency, transparency, and resilience that legacy systems cannot match,” said Jake Chervinsky, CEO of the Hyperliquid Policy Center. “Now the United States must choose: we can either adopt new rules that allow this innovation to thrive here at home, or we can wait and watch as other nations seize the opportunity.”
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