On July 14, 2026, representatives from the Hyperliquid Policy Center, XYZ Ltd. (the parent company of Trade.xyz), and the law firm Sullivan & Cromwell met with the U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force. The meeting, confirmed by an SEC memorandum, focused on regulatory approaches for crypto assets and, specifically, on-chain derivatives markets.
The delegation included Hyperliquid Policy Center CEO Jake Chervinsky and Bradley Bourque, Hyperliquid Labs’ Jeff Yan and Iliensinc, and Collins Belton from XYZ Ltd. Sullivan & Cromwell’s team comprised Colin D. Lloyd, Ashray Gautam, Natasha Vasan, and Matthew H. Kalinowski. The participants presented a document outlining possible regulatory pathways for the sector, though its contents were not disclosed by the SEC.
The discussion provided an overview of the Hyperliquid ecosystem—its protocol technology, markets, key participants—and explored compliant access to on-chain markets. A notable point raised was the distinction between infrastructure providers (like protocols and self-custodial wallets) and entities that actively intermediate in trading. The SEC made no regulatory decisions or commitments, but the meeting marks an official, on-the-record engagement with a major DeFi platform.
The news came as Hyperliquid’s native token, HYPE, surged more than 5% overnight to trade near $67 on a $433 million 24-hour volume. Analysts viewed the session as reducing regulatory uncertainty for the project. The meeting followed a joint comment submitted by the Hyperliquid Policy Center and Phantom to the CFTC on July 9, urging exemptions for on-chain software developers from outdated registration rules, highlighting Hyperliquid’s proactive regulatory stance amid broader legislative efforts like the CLARITY Act.
