The specialized cryptocurrency group of the U.S. Securities and Exchange Commission (SEC) held a direct meeting with representatives of the Hyperliquid Policy Center, trade.xyz (XYZ Ltd.), and the law firm Sullivan & Cromwell LLP. The key topic of discussion was the regulation of crypto assets and decentralized perpetual contract markets.
Meeting Details and Key Participants
According to the official meeting memorandum, the parties thoroughly analyzed the Hyperliquid protocol technology and the specifics of its market infrastructure. The meeting was initiated by the group, officially represented by Natasha Vasan from Sullivan & Cromwell. Also participating in the negotiations were Hyperliquid Policy Center CEO Jake Chervinsky, Hyperliquid founder Jeff Yan, and XYZ Ltd. product lead Collins Belton.
This meeting took place just a few days after the Hyperliquid Policy Center, together with the non-custodial wallet Phantom, submitted a detailed joint comment to the CFTC. In this document, the participants called for exempting developers of on-chain applications and users of self-custodial wallets from traditional intermediary requirements.
Strategic Step Toward Regulators
The July 9 letter was a response to the CFTC's June 18 request regarding the modernization of derivatives regulation. Thus, Hyperliquid is engaging at a high level with two key U.S. regulators in the same week.
The Hyperliquid Policy Center began operations in February 2026 as an independent 501(c)(4) organization, aiming to create legal avenues for Americans to access on-chain derivatives. Today's negotiations represent one of the center's most notable initiatives with the SEC since the project's launch.
Against the backdrop of the news, the HYPE token rose steadily, trading around $65 — investors priced in expectations of potential regulatory easing for the ecosystem.
Analytical Conclusion
This dialogue marks a new stage in the development of cryptocurrency regulation in the U.S. Key market players are moving from experiments abroad to direct dialogue with Washington. For Hyperliquid, which has solidified its position as one of the leaders in the decentralized perpetual contract market, the meeting with the SEC is not just a formality but a strategic step that could determine future regulation for all high-throughput on-chain markets. In the coming months, we can expect new public comments and additional meetings — work is underway to create truly workable rules.