Decentralized derivatives platform Hyperliquid announced that it met with policymakers in Washington while the new crypto law CLARITY Act, which is being discussed in the US Congress, is on the agenda. Jeff Yan, the company’s co-founder and CEO, stated that they met with the Hyperliquid Policy Center, Hyperliquid’s independent research and advocacy organization, and American officials.
Wall Street Pressure and Demand for Regulation
That same week, CME Group and Intercontinental Exchange (ICE), two of the world’s largest exchange operators, called on US regulators to place Hyperliquid under greater scrutiny. These leading Wall Street institutions demanded that Hyperliquid be subject to the customer authentication and transaction surveillance rules in force in the US markets. CME Group and ICE required the platform to register with the US Commodity Futures Trading Commission (CFTC). Thus, it will be mandatory for the platform to establish customer identification and transaction control systems.
Hyperliquid offers a system that works with approximately 31 validators and protects user deposits with a multi-signature bridge. American users continue to access the platform despite IP restrictions. This situation raises the possibility of CFTC stepping in on the grounds of direct impact on the US market.
According to the Hyperliquid Policy Center, “Concerns about market manipulation and sanctions risk reported by Bloomberg are unfounded. The protocol offers on-chain transparency and complete transaction records.”
Record Trading Volumes and Political Lobbying
According to DefiLlama data, Hyperliquid has captured over $178 billion in sustained futures trading volume in the last 30 days. With a two-month volume of $209 billion in March and $181 billion in April, the platform has reached levels that traditional exchanges cannot ignore.
Founded by the Hyper Foundation in February 2026, the Hyperliquid Policy Center was initially backed by 1 million HYPE tokens (valued at approximately $29 million). The center is led by Jake Chervinsky, former Variant legal director and senior fellow at the Blockchain Association. This organization engages in advocacy regarding the integration of Hyperliquid into the US markets and crypto regulation.
In his post on the X platform, Jeff Yan stated that the meetings were about user benefits in America, the regulation of on-chain derivative markets, and the role of DeFi as financial innovation. It was emphasized that on-chain markets were also directly promoted in different sessions.
Hyperliquid has recently begun to put itself forward to create a more open and transparent discussion environment.
The Bank Lobby and the Fight Over the CLARITY Act
The campaign against Hyperliquid centers around the CLARITY Act, which is being debated in the US Congress and covers new laws regarding stablecoin returns. In mid-May, six major banking associations sent a joint letter to members of Congress calling for the elimination of stablecoin rewards in regulations. The bank lobby targeted Article 404 of the relevant bill.
In the April report of the White House Council of Economic Advisers, it was stated that a complete ban on stablecoin interest would provide a small increase of 0.02 percent, or $2.1 billion, in bank loans. This weakens the banking circles’ warnings about deposit losses.
Hyperliquid’s response was to take an active role in talks that would open the platform to regulation in the United States. The new regulatory wave of traditional market players against crypto-based projects seems to have begun.
