Hyperliquid Policy Center
Nonprofit research and advocacy org for clear US DeFi regulation
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About Hyperliquid Policy Center
Hyperliquid Policy Center is an independent nonprofit research and advocacy organization focused on modernizing U.S. regulatory frameworks to enable compliant onchain markets, particularly perpetual derivatives. Its activities include conducting technical research, publishing policy analyses, submitting formal comments to regulators, providing technical assistance on legislation, and engaging directly with lawmakers and regulators. Its core strength lies in its deep technical understanding of onchain market infrastructure and perpetuals, allowing it to address regulatory questions with rigorous technical arguments. It advocates that software is infrastructure and developers are not intermediaries, arguing that current U.S. market structure laws, designed for legacy systems, exclude Americans from rapidly growing onchain markets.
In the past six months, in July 2026, it jointly asked the CFTC with Phantom to clarify that publishing onchain software does not trigger registration requirements. In August, with TradeXYZ, it proposed a regulatory framework for pre-IPO perpetual contracts to the SEC. These efforts aim to create compliant access for U.S. investors while preserving the protocol as neutral infrastructure.
In the past six months, the key development for the Hyperliquid Policy Center (HPC) was its Aug. 24, 2026 comment letter to the SEC and CFTC, proposing that cash-settled equity perpetuals with futures-like characteristics be classified as security futures under joint oversight. Citing over $480 billion in cumulative notional volume and roughly $4 billion open interest from HIP-3 markets in their first 10 months, HPC urged consistent classification across asset classes while preserving swap treatment for bilateral, non-standardized perpetual products.
Looking ahead, CEO Jake Chervinsky outlined three goals: working with the CFTC to create a legal pathway for US users to trade commodity-based perpetual futures on decentralized platforms; pursuing SEC rulemaking for equity perpetuals; and passing the CLARITY Act with strong protections for DeFi developers. HPC also advocates treating developers as infrastructure, not intermediaries, and building durable frameworks for onchain spot markets, outcome markets and tokenized securities as part of its "house of all finance" vision.
Co-founders:
Jake Chervinsky: Founder & CEO. Former Chief Legal Officer at Variant, Chief Policy Officer at Blockchain Association, General Counsel at Compound Labs.
Brad Bourque: Co-founder & Senior Counsel. Former associate at Sullivan & Cromwell LLP, advising on securities, commodities, and banking law for digital assets.
Salah Ghazzal: Co-founder & Chief of Staff. Former Policy Lead at Variant, co-authored "Bringing Perps to the People," led stablecoin policy analysis for Blockchain Association coalition, contributing to GENIUS Act.
Current Core Executives:
Adam Minehardt: Chief Policy Officer. Former Head of Public Policy at Chainlink Labs, Global Head of Government Relations at Stellar Development Foundation, Director of Federal Affairs at Citigroup, and ~17 years in U.S. House.
Anastasia Golovina: Chief Communications Officer. Former Head of PR at Chainlink Labs and Protocol Labs.
Sianna Xiao: Operations Lead. Former operations lead at a blockchain infrastructure startup, interned at Fireblocks corporate strategy team.
Hyperliquid Policy Center is an independent nonprofit research and advocacy organization dedicated to advancing a clear regulatory path for decentralized finance in the U.S.
In May 2026, Adam Minehardt joined as Chief Policy Officer (CPO). He previously served as Principal at FS Vector, with extensive experience in policy and government affairs, including roles at the Stellar Development Foundation and Citigroup. His addition strengthens the team's capabilities in regulatory policy.