We've exited the era of crypto as niche experimental technology for hobbyists and ideologues. We've entered the era of crypto as a real upgrade to the financial system, a challenge to incumbents using regulatory moats to defend old products against innovation. Innovation wins.

Over 60 founders and CEOs including @chameleon_jeff signed a letter today urging the Senate to pass the Clarity Act with strong developer protections. Most important: the Banking Committee's bipartisan Blockchain Regulatory Certainty Act. There is no clarity without the BRCA.

1/ The Clarity Act has a real shot at passing the Senate. Getting it right means protecting the developers who build public blockchains. Getting it wrong risks pushing them – and the future of this technology – offshore. 🧵

Happy to work with @paradigm on these recommendations to help combat illicit finance while ensuring U.S.-regulated stablecoins can continue to power onchain markets. Read more about @USTreasury's proposed rule and our comment here ⬇️

Today we filed a comment with @paradigm on @USTreasury's proposed rule for stablecoin issuers. U.S.-regulated stablecoins power billions of dollars in daily trading, lending, and settlement. Our comment offers recommendations to preserve their critical role in onchain markets.

Perps are one of the most exciting financial innovations in decades. Crypto didn’t invent them, but crypto did prove and popularize them, one of our industry’s best contributions to global finance so far. Anti-innovation incumbents may hate them, but perps are here for good.

If you care about crypto in the USA, this new org is one to follow and support. @defenddevspac is led by @glzavatone, one of the unsung heroes of DeFi policy in DC. It’s the first and only PAC focused exclusively on protecting developers. A much needed effort. Thank you Gavin!

The WSJ article on hyperliquid is a good overview. The world will be quickly moving to efficient low cost 24-7 trading of real world financial assets not just crypto assets. The liquidity is moving to decentralized exchanges and away from more costly centralized exchanges .

Over a trillion dollars worth of perps are traded every month, yet 99% people have never heard of them. This @LawofCodeFM episode is a multi-hour deep dive on perps, starting from the history of grain futures in Chicago to Friday's historic @CFTC announcements. It took me months to put this together. My goal: the internet's most comprehensive explainer on perps. You'll hear from the world's leading experts on the legal layer of perps; @jchervinsky and @BradBourque of @HyperliquidPC, @BrettHarrison of @Architect_Fi, @kkirkbos, @_Ryne_Miller, @mdf2000 and David Shafer of @coinbase. By the end of this episode, I promise you'll be in the top percentile for understanding perps, regardless of where you're starting from. (You just might need to listen twice. There's a lot here.) Timestamps: 0:00 Intro 4:04 What is a perp @BrettHarrison 7:18 Why futures contracts exist 8:15 Liquidity fragmentation 11:01 History of U.S. futures @_Ryne_Miller 17:08 Richard Nixon, the gold standard and financial futures 21:27 Birth of the CFTC 24:27 Robert Shiller's 1992 paper @kkirkbos 30:09 Price convergence 32:00 The funding rate 43:41 Oracles and manipulation risk 47:39 Are perps swaps or futures? 52:44 A @ChairmanSelig clip on perps 54:02 The DCM framework 59:16 DCMs, DCOs and FCMs explained 1:04:55 History of crypto perps (BitMEX) 1:13:00 How Hyperliquid works 1:25:41 CFTC's historic announcements on May 29, 2026 1:35:00 Fireside with @jchervinsky and @BradBourque of @HyperliquidPC Nothing in this podcast is legal or investment advice.

The Hyperliquid community was one of the biggest draws for me to launch @HyperliquidPC this year. The energy here is something else, and @hypurr_co represents the best of it. I'm excited for HPC to sponsor this event at Token2049 and look forward to seeing you all in Singapore!

Have you noticed every crypto company has a Hyperliquid expert? Not by design; just because someone somewhere in the org structure figured out early that HL is special and wouldn’t shut up about it until the company made it part of their business. You know at least one, right?

A historic day for American crypto markets as the @CFTC delivered on @ChairmanSelig’s Day 1 commitment to onshore crypto asset perpetuals. Onshoring crypto asset perps is a major step toward ensuring the new frontier of finance is built in America. 🇺🇸

Today is a milestone for U.S. derivatives markets, and @HyperliquidPC applauds the @CFTC’s decisive action to bring perpetual derivatives onshore. We look forward to engaging with the Commission on the next step to make onchain perpetuals markets, including @HyperliquidX, accessible to Americans.

We welcome today’s CFTC actions: approval of the first U.S.-listed perpetual derivatives contract, an accompanying Commission policy statement on the listing of perpetual derivatives, related interpretive guidance and no-action relief from the Market Participants Division, and a Staff Advisory on 24/7 Trading, Clearing, and Settlement, as a long-overdue acknowledgment that perpetual derivatives are a legitimate and essential tool for price discovery and risk management. For too long, regulatory ambiguity drove these markets offshore, depriving American traders and institutions of access to regulated venues and undermining U.S. competitiveness in the global derivatives markets. Today’s actions chart a new path forward. We look forward to engaging closely with the Commission to ensure that the framework it develops is workable not only for centralized intermediaries, but for the onchain protocols where the most significant perpetuals activity actually occurs.

For the first time ever, true perpetuals will trade in the USA 🇺🇸 This is a huge step forward for U.S. derivatives markets and great work by @ChairmanSelig and his team at @CFTC. More is needed to bring onchain markets onshore, but this crucial first move is one to celebrate.

If the Clarity Act doesn't pass this Congress, American software developers will be targeted again for prosecution in the near future just for publishing code. These are the stakes.

There isn't much time left to get the Clarity Act done. It may seem quiet, but only because the work is getting done behind the scenes to bring a bill to the floor that can get at least seven Democratic "yes" votes to pass. Easier said than done. The next few weeks are crucial.

Limiting or weakening the BRCA is a non-starter. Prosecuting non-custodial developers will not help law enforcement. It'll waste valuable enforcement resources chasing folks who do not custody customer funds, execute trades, or control user assets. The CLARITY Act must protect developers and preserve the BRCA’s core protections. You do not strengthen America by prosecuting developers for writing code.

It was great having @chameleon_jeff in DC this week. We had productive meetings with policymakers and got some great insight on the path forward for Hyperliquid in the USA. Thanks Jeff for making the time!

hypurr also made it to washington!