Hyperliquid.

Today, the @CFTC took an important step toward bringing regulated onchain markets to the United States: firms can now keep required records on a public blockchain without being required to maintain a separate offchain copy. The CFTC also clarified that firms can invest customer funds in tokenized versions of investments that are already permitted. That matters because a regulated firm can now use a public blockchain as its system of record, where every entry is transparent, tamper-evident, and verifiable by anyone. Those are the assurances the CFTC’s recordkeeping rules exist to provide, and public blockchains deliver them by design. In July, HPC and @phantom asked the CFTC to provide this clarity. Today, the CFTC delivered.

Onchain finance isn’t a rebrand for DeFi. It’s a new product category built with one goal in mind: competition. DeFi takes trust out of finance. Onchain finance adds some back in to make the best product. @RebeccaRettig1 and I explain in @FortuneMagazine: fortune.com/2026/09/18/oncha…

Excited to share that I’ve joined @HyperliquidPC as Head of Government Relations. After more than a decade working at the intersection of policy, agriculture, commodities, and advocacy, I’m looking forward to bringing that experience to a new set of challenges. There’s a real opportunity to shape how onchain markets develop in the U.S., and to make sure the policy frameworks around them are clear, workable, and informed by the people and industries that rely on our markets every day. Thrilled to be working with HPC’s rockstar team, @jchervinsky, @adam_minehardt, @salahghazzal, @BradBourque, @itsgolovina, and @siannabird!

Today, we filed an amicus brief in CME v. Selig with a @CooleyLLP team led by former Solicitor General Elizabeth Prelogar, urging the court to grant the @CFTC's motion to dismiss. For years, Americans were pushed offshore to trade perpetual futures. This spring, the @CFTC opened the door at home. In June, CME sued to close it. That anticompetitive effort must fail.

"We have a window of opportunity here where we can actually move the needle and get these products into the United States in a regulated fashion, and then build up the most liquid markets in the world." @jchervinsky on The Rollup. Full interview below.

Hyperliquid Is Set To Enter The US Market Imminently (Necessary Steps Explained) with @HyperliquidPC CEO @jchervinsky Timestamps: 00:00 Intro 02:03 The Press Conference Surprise 04:03 Founding The Hyperliquid Policy Center 07:45 Why Perps Beat Traditional Futures 11:00 CFTC Already Approved Perps 14:16 Crawl Walk Run Approach 20:06 One Shared Liquidity Venue 22:25 HIP-3* Markets Explained 31:37 The Silver Market Breakout 34:03 Stablecoins And The Genius Act 36:12 Circle & Hyperliquid USDC Deal 41:16 Bottom Up Vs Top Down Regulation

Our joint comment letter with @HyperliquidPC asks the @CFTC to open a regulated U.S. path for energy perpetuals and 24/7 trading. During this year’s oil shocks, our energy markets stayed open while benchmark markets were closed. They gave the world a live price as events unfolded. On many weekends, trade[XYZ] was the primary venue for price discovery. The events that shape our global economy rarely wait for markets to open. 24/7 markets are a natural evolution for a global economy in constant flux. The U.S. has an opportunity to lead by giving perpetuals a clear and credible regulatory home.

Perpetual contracts were not on the agenda at the @CFTC's first Innovation Advisory Committee meeting, but they still came up in every session, in a room with some of the biggest names in finance. Today, we submitted a statement supporting the Commission's work to bring perpetual futures markets onshore and keep them at the center of the innovation agenda. Read it here:

Oil prices move 24/7. The markets that American businesses use to hedge them do not. Today, HPC and @tradexyz filed a joint comment letter asking the @CFTC to open a regulated path for energy perpetual contracts and 24/7 trading in the United States. During February's oil shock, roughly two-thirds of the weekend price move had already occurred onchain before U.S. futures reopened Sunday evening. The next crisis should find American businesses able to manage their risk in real time, under CFTC oversight.

The world's largest markets for perpetual contracts grew offshore because U.S. regulators hadn’t answered a basic question: are they futures or swaps? The CFTC began answering that question in May, allowing the first perpetuals to list on a U.S. exchange as futures contracts. Today, we asked both the @SECGov and @CFTC to confirm that equity perpetuals can be listed as security futures. That confirmation would provide the clarity necessary to bring these products onshore.