On February 18, 2026, Hyperliquid, the decentralized exchange that recently processed over 250 billion dollars in monthly perpetual futures volume, announced the official launch of the Hyperliquid Policy Center (HPC) in Washington, D.C. This new nonprofit research and advocacy group is backed by a substantial donation of 1 million HYPE tokens from the Hyper Foundation, currently valued at approximately 29 million dollars. The organization is led by veteran crypto attorney Jake Chervinsky, who serves as the founding CEO after previous leadership roles at the Blockchain Association and Variant Fund. The HPC’s primary mission is to bridge the widening gap between the analog-era financial laws currently governing the United States and the next-generation market infrastructure represented by decentralized finance (DeFi). By establishing a permanent presence in the capital, Hyperliquid aims to provide lawmakers and federal agencies with a sophisticated technical resource that advocates for regulatory frameworks specifically designed for on-chain systems rather than those adapted from centralized intermediaries.
Establishing a Legal Pathway for Perpetual Derivatives and On-Chain Infrastructure
A central focus of the Hyperliquid Policy Center is the legalization and regulation of perpetual futures within the domestic U.S. market. Despite their immense popularity in offshore venues, perpetual derivatives remain in a complex legal gray area under current American law, largely due to the absence of a central clearinghouse in decentralized models. Chervinsky and his founding team, which includes Policy Counsel Brad Bourque and Policy Director Salah Ghazzal, intend to propose concrete registration and exemption models that would allow these 24/7, high-velocity markets to thrive legally on American soil. The HPC argues that the inherent transparency and resilience of blockchain settlement offer a superior alternative to legacy systems, provided that regulators can move beyond the “regulation by enforcement” approach that has defined the last several years. The center plans to publish rigorous technical research and brief congressional staff on how decentralized protocols can fulfill the core mandates of market integrity and investor protection without sacrificing the benefits of self-custody and permissionless access.
Strategic Timing Amidst the Senate Debate Over the CLARITY Act
The launch of the HPC arrives at a critical juncture for digital asset policy, as the U.S. Senate continues to deliberate on the Digital Asset Market Clarity Act. While the executive branch has signaled support for the bill, unresolved questions regarding the treatment of decentralized exchanges and stablecoin rewards have threatened to stall progress. Chervinsky’s new organization joins an increasingly crowded field of lobbying groups, including the DeFi Education Fund and the Solana Policy Institute, yet the HPC’s 29-million-dollar war chest makes it one of the most well-capitalized single-protocol initiatives in the history of the industry. The center is currently recruiting for several key leadership positions, including a Head of Government Relations and a Head of Communications, to manage its growing influence on Capitol Hill. As the 2026 legislative session moves toward a final vote, the Hyperliquid Policy Center serves as a high-stakes bet that the future of global finance will be decentralized and that the United States must either adopt a clear path for DeFi or risk losing its competitive edge to more agile international jurisdictions.
