Hyperfluid ($HYPE), a blockchain-based exchange that processed more than $250 billion in perpetual futures trading last month, has launched a U.S. lobbying and research arm aimed at shaping the way lawmakers regulate decentralized finance (DeFi).
The Hyperliquid Policy Center, a Washington, D.C.-based nonprofit organization, will focus on regulatory frameworks for decentralized exchanges, perpetual futures and blockchain-based market infrastructure, according to a Wednesday press release.
Jake Chervinsky, a prominent crypto attorney and former policy head at the Blockchain Association, will serve as founder and CEO.
The launch comes as Congress and federal agencies debate how to oversee crypto trading platforms and derivatives markets. Perpetual futures, which allow traders to hold leveraged positions without an expiration date, are widely used on offshore platforms but remain a gray area under US law.
The arrival of a new group also represents just the latest entrant into the Washington crypto policy scene that is full of similar organizations including the DeFi Education Fund and Solana Policy Institute, in addition to broader groups such as the Digital Chamber, Blockchain Association and Crypto Council for Innovation. And the new organization lands as negotiations are in full swing on legislation in the Senate that could shape U.S. DeFi policy.
Hyperliquid operates a decentralized exchange that allows users to trade perpetual futures directly on blockchain rails, without a central intermediary. Instead of routing transactions through a traditional broker or clearinghouse, transactions are handled off-chain.
The platform has become one of the fastest growing platforms in the field of crypto derivatives. It handled more than $250 billion in perpetual trading volume and $6.6 billion in spot volumes last month, DefiLlama data shows.
“Financial markets are migrating to public blockchains because they offer efficiency, transparency and resilience that legacy systems cannot match,” Chervinsky said in a statement.
“Now the United States must choose: we can either adopt new rules that allow this innovation to flourish here at home, or we can wait and see while other countries seize the opportunity,” he added.
The new policy group plans to inform lawmakers, publish technical research and advocate for rules tailored to decentralized systems, the news release said.
The Hyper Foundation, which supports the Hyperliquid ecosystem, is contributing 1 million $HYPE tokens, worth approximately $29 million, to fund the launch. While that’s less than what was pledged last year at the launch of the Ripple-backed National Cryptocurrency Association, it’s far more than the $5.6 million the Digital Chamber spent in 2024 or the $8.3 million the Blockchain Association spent, according to public filings.