New DeFi policy group launches with $29M

TLDR

A new Washington based DeFi policy group backed by Hyperliquid has launched with about $29 million to push for clearer U.S. rules on decentralized finance and perpetual futures.

1. Hyperliquid is funding the Hyperliquid Policy Center (HPC) with 1 million HYPE tokens worth around $29 million, led by crypto lawyer Jake Chervinsky.
2. HPC will focus on educating U.S. lawmakers about DeFi and creating a legal framework for derivatives like perpetual futures that dominate offshore crypto markets.
3. The key thing to watch is whether HPC can influence stalled market structure bills and DeFi specific rules that determine if and how U.S. users can access on chain perps.

Deep Dive

1. Funding, Structure, And Leadership

Hyperliquid, a leading on chain perpetuals exchange, has launched the Hyperliquid Policy Center in Washington, D.C., funded by a donation of 1 million HYPE tokens valued at roughly $28 to $29 million at launch. Reports describe HPC as an independent research and advocacy nonprofit rather than a standard corporate lobby shop, though it is clearly aligned with Hyperliquids ecosystem.

Veteran crypto policy lawyer Jake Chervinsky, formerly at the Blockchain Association and Variant, has been appointed CEO of HPC, giving the group an experienced voice in D.C. level debates around digital assets and DeFi.

2. What The New Group Will Actually Do

HPC says it will publish technical research, respond to proposed rules and legislation, and act as a resource for policymakers trying to understand how DeFi protocols work, including perpetual futures markets and automated on chain trading. Coverage of the launch highlights a core message that existing U.S. rules were written for centralized intermediaries, while DeFi runs on code and decentralized infrastructure, so like for like regulation often does not fit.

A major priority is building a legal framework for perpetual futures, which drive much of global crypto derivatives volume offshore but remain in a gray area for U.S. users.

3. Regulatory Context And What To Watch

The launch comes as U.S. lawmakers wrestle with market structure and DeFi focused bills, including debates over whether agencies like the SEC or CFTC should oversee various parts of the crypto stack. Industry groups have warned that poorly tailored rules could push DeFi development and liquidity offshore, while more precise legislation could anchor activity in U.S. jurisdiction instead.

For crypto users, the practical impact will depend on whether HPC can move the needle on issues such as how front ends are treated, what KYC obligations apply, and whether regulated venues can offer on chain perps directly to U.S. customers.

Conclusion

A well funded DeFi policy center tied to Hyperliquid gives decentralized derivatives a much louder voice in Washington at a critical moment for U.S. crypto regulation. The outcome of its work will shape how easily American developers and traders can use DeFi protocols, especially for perpetual futures, and whether that activity happens onshore under clear rules or continues to flow to offshore platforms under ongoing legal uncertainty.