Hyperliquid founder Jeff Yan met with U.S. policymakers in Washington to discuss how onchain derivatives markets could fit into formal American regulatory structures. The meetings took place during discussions around the CLARITY Act and focused on how DeFi trading systems might operate within recognized compliance frameworks, including potential access routes for U.S. users.
Talks covered both system design and policy basics
According to Yan, the meetings ranged from technical explanations of how Hyperliquid works to more basic discussions about first-principles DeFi concepts. Policymakers, the Hyperliquid Policy Center, and other industry participants were involved. Familiarity with onchain market structure varied across the room. Even so, the conversations repeatedly returned to the same issue: there is global demand for decentralized derivatives, and U.S. law still needs a clear way to address how those markets should function.
Policy effort follows launch of Washington center
Hyperliquid had already set up a more permanent policy presence in Washington before these meetings. The company launched the Hyperliquid Policy Center on February 18, with Jake Chervinsky leading the effort after previously serving as chief policy officer at the Blockchain Association. The move points to a broader attempt to build regulatory requirements into the platform’s trading infrastructure rather than treating compliance as a separate, later step.
Traditional exchanges want closer scrutiny
At the same time, pressure from incumbent market operators has not eased. The report says CME Group and Intercontinental Exchange (ICE) have urged U.S. regulators to increase oversight of onchain derivatives platforms, citing concerns about possible market manipulation. Their arguments have centered in part on commodity-linked products, including oil-related trading. Prior reporting also said CME and ICE supported registration requirements under the Commodity Futures Trading Commission framework.
Hyperliquid points to public onchain transparency
Hyperliquid has pushed back by stressing the transparency of blockchain-based markets. Trades, orders, and liquidations on the platform remain publicly verifiable onchain, according to the company’s position. Bloomberg previously reported rising activity in oil-linked trading on Hyperliquid, which runs continuously outside traditional market hours. That growth has drawn more regulatory attention and sharpened the contrast between centralized exchanges and onchain trading venues.