SEC Talks With Hyperliquid About Onchain Derivatives Rules

The SEC met with Hyperliquid, trade.xyz, and Sullivan & Cromwell to discuss perpetuals and onchain market structure. The talks could help shape how decentralized derivatives are overseen in the U.S.

Key Takeaways

• The SEC Crypto Task Force met with Hyperliquid, trade.xyz, and Sullivan & Cromwell to discuss crypto assets and decentralized perpetual markets.
• The conversation centered on the technology and market infrastructure behind the Hyperliquid protocol, along with the role of 24/7 perpetual contracts.
• For European readers, the key point is that U.S. regulators are taking a closer look at onchain trading models; HYPE climbed intraday to around $65.

The U.S. SEC Crypto Task Force met with representatives from Hyperliquid, trade.xyz, and Sullivan & Cromwell to discuss rules for crypto assets and decentralized perpetual markets. The meeting fits into a wider push by regulators to better understand how onchain trading infrastructure actually works, while Hyperliquid continues to grow into one of the more prominent names in the space.

Market Structure Discussion

According to the Task Force's official notes, the discussion focused on the technology behind the Hyperliquid protocol and the market structure built around it. The meeting was requested in a formal letter signed by Sullivan & Cromwell partner Natasha Vasan on behalf of the group.

Those present included Hyperliquid Policy Center CEO Jake Chervinsky, Hyperliquid founder Jeff Yan, and Collins Belton, product lead at XYZ Ltd., the main HIP-3 deployer that makes 24/7 perpetual contracts possible on the platform. That detail is important because perpetuals never expire, which gives them a very different risk profile and market structure from traditional derivatives.

Hyperliquid Seeks Regulatory Clarity

The Hyperliquid Policy Center was launched in February 2026 as an independent 501(c)(4) group focused on building a compliant path for Americans to access onchain derivatives. The fact that the group is now speaking directly with the SEC suggests the debate over decentralized markets is moving from abstract discussion into actual policy work.

Sullivan & Cromwell also brings deep experience in complex financial deals and regulatory matters, including digital assets. Put together, the mix of protocol builders, policy experts, and lawyers shows that the industry wants a real voice in shaping what future frameworks for decentralized finance could look like.

Why This Matters for Europe

For European crypto readers, this stands out because U.S. regulators are taking a more detailed look at onchain trading models that operate around the clock. Talks like this can hint at which parts of decentralized finance may eventually face oversight or formal interpretation in other jurisdictions too.

The market responded positively in the meantime: HYPE traded around $65 (€57) with intraday gains. That underscores how quickly tokens tied to leading protocols can react to signs of regulatory attention, even when a single meeting does not point to any final decision.