What will it take to bring Hyperliquid onshore? @jchervinsky, Founder and CEO of @HyperliquidPC, on the five-step roadmap for lawful onchain perps in the United States, and where each policy fight stands today. 1:50 Why US users can't trade onchain perps 2:21 Hyperliquid reaches #2# in global perps 2:48 DC talks about HL all day every day 3:47 Derivatives law is stuck in 1922 9:13 The five steps to onshore Hyperliquid 9:26 The CFTC path for retail perps 9:57 CME challenges the CFTC perps order 12:52 What an onshore Hyperliquid looks like

Farmers were the original beneficiaries of America’s derivatives markets. Futures trading was born in the grain trade in the 1800s, and federal oversight ran through the U.S. Department of Agriculture for five decades. The House and Senate Agriculture Committees oversee the CFTC to this day. On July 29, the @CFTC 's Agricultural Advisory Committee convened for the first time in more than two years. Today we filed a statement supporting the Committee’s work and the Commission’s phased approach to perpetual futures.

The skeptic's case against 24/7 markets usually centers on a single issue: a price formed at 3am on a Saturday couldn't possibly be trusted. Fair concern, but also a testable one. New research from @blockworksres tracked weekend trading on Hyperliquid across equities, commodities, FX, and indices. Weekend spreads matched or ran tighter than weekday levels, and typical trades filled at close to weekday cost, even with every other venue closed. Across 614 market-weekends, the weekend price landed closer to the eventual reopen than Friday's close 70.7% of the time. On moves over 1%, it called the direction right 94.9% of the time. About 83 cents of every dollar priced over the weekend showed up at the reopen. The skeptic’s case was tested. The 3am price wasn’t just tradeable, it was right.

Markets take weekends off. The news doesn't. New @blockworksres research measured 614 weekends of live 24/7 trading in equities, commodities, FX, and indices on Hyperliquid. The first hard data on what happens when markets simply keep going. The weekend markets held up: weekday-tight spreads, weekday-cost fills, while everything else was closed. And the weekend prices knew where markets would reopen. They cut the typical reopening miss in half, and on big moves they called the direction right 94.9% of the time. Read the full report:

Prediction markets topped $50 billion in trading volume last month, and the biggest names in traditional finance are moving in. Today, with @multicoin, we filed a joint comment supporting the @CFTC 's proposed prediction markets framework. These markets have grown up. The proposed framework gives them what they deserve: durable standards, known in advance, under one federal rulebook. Our comment expresses support for the Commission’s approach and offers two recommendations to make an already strong rulebook even more targeted. Read it here:

Some people build tools. Others use those tools to offer regulated financial services. Building tools shouldn't trigger registration, and using onchain tools to deliver regulated services shouldn't be off-limits to the firms already registered to provide them. Today we joined @phantom to urge the @CFTC to modernize its rules and unlock innovation for fintech firms and existing registrants alike. Let’s move our markets forward, and onchain. Read our comment here:

Writing the software isn't running the market. The same should hold true onchain. With the right rules, the CFTC can modernize these markets, keep builders in the United States, and give customers more control over their funds. Today, with @phantom, we filed a joint comment letter with the CFTC with recommendations on how to achieve that result. Read it here:

For years, Americans were pushed offshore to trade perpetual futures while the rest of the world could trade them at home. This spring, U.S. regulators finally opened a compliant path to these markets here. Today, the largest U.S. exchange, CME, went to court to close it. This is what happens when one company controls a market. By @BetterMarkets' count, CME runs about 92% of U.S. exchange-traded derivatives. When one venue holds that much volume, everyone else carries the cost. Less choice, higher prices. Perpetual futures are the first genuinely new derivatives product to reach U.S.-regulated markets in over a decade. More competition among exchanges is best for the people who actually use these markets. These products deserve clear rules. The real question is whether Americans get access to innovative new financial products, or whether one incumbent keeps them locked out. We think they deserve access. As CFTC @ChairmanSelig put it: "Incumbents will always fear the future." But none of us should fear the incumbents.

Today we filed a comment with @paradigm on @USTreasury's proposed rule for stablecoin issuers. U.S.-regulated stablecoins power billions of dollars in daily trading, lending, and settlement. Our comment offers recommendations to preserve their critical role in onchain markets.

We welcome today’s CFTC actions: approval of the first U.S.-listed perpetual derivatives contract, an accompanying Commission policy statement on the listing of perpetual derivatives, related interpretive guidance and no-action relief from the Market Participants Division, and a Staff Advisory on 24/7 Trading, Clearing, and Settlement, as a long-overdue acknowledgment that perpetual derivatives are a legitimate and essential tool for price discovery and risk management. For too long, regulatory ambiguity drove these markets offshore, depriving American traders and institutions of access to regulated venues and undermining U.S. competitiveness in the global derivatives markets. Today’s actions chart a new path forward. We look forward to engaging closely with the Commission to ensure that the framework it develops is workable not only for centralized intermediaries, but for the onchain protocols where the most significant perpetuals activity actually occurs.

I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into the United States. Some conversations were technical with an impressive baseline understanding of Hyperliquid. Discussions included how onchain trading is a financial innovation that has clear global user demand. Other conversations focused more on a first principles introduction to defi and the promise of onchain markets. It was encouraging to see bipartisan support for thoughtful regulation of crypto. I look forward to continuing discussions in DC and working hard to make American access to Hyperliquid a reality.

Today, Bloomberg reported on certain incumbent traditional exchanges raising concerns about the integrity and impact of markets for perpetual derivatives on Hyperliquid. These concerns are unfounded. Hyperliquid offers enhanced market transparency, publishing a complete onchain record of every transaction in real time, making it a uniquely hostile environment for insider trading or price manipulation. Hyperliquid’s transparency serves as a strong deterrent for misconduct and facilitates surveillance, detection, and investigation by regulators and law enforcement. Hyperliquid also offers 24/7 trading, an innovation that substantially increases market efficiency. Prices move whether traditional exchanges are open or not. Continuous trading eliminates gaps and discontinuities between legacy market hours, improving price discovery for all participants. Bloomberg correctly reports that U.S. law is not currently tailored for derivatives markets on public blockchains like Hyperliquid. We look forward to continuing our work with policymakers in Washington to bring onchain markets inside the regulatory perimeter.

The bipartisan passage of the Clarity Act out of the Senate Banking Committee is historic: the first time a comprehensive crypto market structure bill has advanced to the Senate floor. We appreciate all of the effort that went into this success, but more work is needed before the bill is ready to become law. We look forward to engaging on Capitol Hill and with the administration as the process continues.

HPC strongly supports @ChairmanSelig's vision for the future of onchain markets: “I think it’s really critical that we set in place clear regulations and clear statutory protections for software developers, for people who hold their own crypto assets through self-custody or using a custodial wallet, exchanging your assets... That’s what this administration is really focused on.” Clear rules protecting developers and self-custodial users are the foundation of any workable framework for onchain markets.

Today, @SECPaulSAtkins laid out his priorities for providing clarity to onchain markets, including this on clearing and settlement: "When settlement is near-instantaneous and counterparty risk is managed algorithmically, the traditional clearing agency model requires fresh analysis." Onchain clearing and settlement is one of the most significant financial infrastructure innovations of our generation. HPC is encouraged to see a Chairman willing to map these systems to existing legal frameworks on their own terms, rather than force them into legacy categories built for legacy architecture.

We are Hyperliquid Policy Center. HPC is a research and advocacy nonprofit focused on advancing a clear path for decentralized finance to thrive in the USA. We will introduce policymakers to @HyperliquidX and bridge the gap between law and next-generation market infrastructure.