Onchain finance isn’t a rebrand for DeFi. It’s a new product category built with one goal in mind: competition.
DeFi takes trust out of finance. Onchain finance adds some back in to make the best product. @RebeccaRettig1 and I explain in @FortuneMagazine:
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CFTC is not playing around.
Wasting no time, yesterday they filed what appears to be a proposed rule for interagency review entitled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.”
Things are going to move fast in DC.
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No matter what happens today, crypto will be fine.
I told @andyyy on @therollupco last week that I feel like I'm doing my life's work at @HyperliquidPC.
I'm deep in two pieces of writing now that get to the heart of it: housing all finance on public blockchains that outcompete legacy incumbents. Both coming soon.
Hyperliquid.
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CFTC just filed their motion to dismiss CME's lawsuit over perpetuals and they cooked 🔥
The motion argues that CME lacks standing for several reasons, including that it too could offer perpetuals, so any injury is self-inflicted ✅
"This lawsuit is much ado about nothing."
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We are rebuilding the global financial system. Not all at once. Bit by bit, piece by piece, step by step, until one day everyone wakes up to find the old infrastructure gone and the whole world onchain. If you blink you might miss it, but still it will catch you by surprise.
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Thinking back to all the yield farming memes when we launched COMP and kicked off DeFi summer in 2020. If you'd told me I'd be working with the agriculture industry six years later to bring onchain perpetuals into the USA, I'd have died laughing. Life is stranger than fiction.
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Our joint comment letter with @HyperliquidPC asks the @CFTC to open a regulated U.S. path for energy perpetuals and 24/7 trading.
During this year’s oil shocks, our energy markets stayed open while benchmark markets were closed. They gave the world a live price as events unfolded. On many weekends, trade[XYZ] was the primary venue for price discovery.
The events that shape our global economy rarely wait for markets to open. 24/7 markets are a natural evolution for a global economy in constant flux.
The U.S. has an opportunity to lead by giving perpetuals a clear and credible regulatory home.
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Perpetual contracts were not on the agenda at the @CFTC's first Innovation Advisory Committee meeting, but they still came up in every session, in a room with some of the biggest names in finance.
Today, we submitted a statement supporting the Commission's work to bring perpetual futures markets onshore and keep them at the center of the innovation agenda.
Read it here:
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Weekend trading in oil perpetuals on Hyperliquid proved how onchain markets can revolutionize global finance, a breakout moment for all of crypto. We're not just trading tokens anymore.
Today, with @tradexyz, we asked the CFTC to make sure Americans benefit from this innovation:
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Oil prices move 24/7. The markets that American businesses use to hedge them do not.
Today, HPC and @tradexyz filed a joint comment letter asking the @CFTC to open a regulated path for energy perpetual contracts and 24/7 trading in the United States.
During February's oil shock, roughly two-thirds of the weekend price move had already occurred onchain before U.S. futures reopened Sunday evening. The next crisis should find American businesses able to manage their risk in real time, under CFTC oversight.
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1/ Today, @m_mosier_ @malekanoms & I are sharing a new paper: "The Compatibility of Financial Integrity With Permissionless Networks". Institutions say BSA & sanctions laws prevent use of these networks. We debunk this & provide a path forward. 🧵
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The world's largest markets for perpetual contracts grew offshore because U.S. regulators hadn’t answered a basic question: are they futures or swaps?
The CFTC began answering that question in May, allowing the first perpetuals to list on a U.S. exchange as futures contracts. Today, we asked both the @SECGov and @CFTC to confirm that equity perpetuals can be listed as security futures. That confirmation would provide the clarity necessary to bring these products onshore.
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Max pain is the four-year crypto market cycle predictably playing out over & over again while everyone convinces themselves that each time is different.
We launched @HyperliquidPC six months ago. This was a good week, but we've barely gotten started. Back to work.
1/ Over one weekend in March, WTI closed at $91.03 and reopened at $106.61, a 15.8% move.
The onchain oil perpetual was open for all 49 hours in between. The benchmark was not.
Today, we published research showing how 24/7 perpetuals like these expand U.S. derivatives markets.
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Hyperliquid is coming to America 🇺🇸
Trump says the CFTC is working to bring Hyperliquid to the US, in remarks at White House crypto summit today.
Trump: "I understand that Mike (Selig) is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion."
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Base App perps are live powered by Hyperliquid.
Long or short anything from your phone.
It's great to see the SEC move forward with Reg Crypto, which (among other things) would create exemptions for public token sales and a safe harbor from "investment contract" classification.
This is a critical step toward clarity for the crypto industry and not one day too soon.
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🚨 TODAY: The SEC proposed new rules, “Regulation Crypto Assets,” that would create a clear and fit-for-purpose framework for certain investment contracts involving crypto assets.
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